Crypto Contest April 2: Bitcoin

Bitcoin (Bitstamp: BTCUSD) has broken out of the triangle pattern in the weekly chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Bitcoin began a wave one advance in January 2015. The red wave one finished in June 2016, and the red wave two correction ended in August 2016. The red wave three advance finished in December 2017, and the red wave four correction ended in December 2018. If this wave count is correct, Bitcoin should be heading next towards the December 2017 peak in the red wave five.

(Chart courtesy of Tradingview.com (log scale))

Zooming out in the monthly

About the author: Markus Aarnio
I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.

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