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Bitcoin - new ATH soon. Best time to buy now
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
Xanrox
Bitcoin looks very strong at this moment. We can see that the price is breaking out of the descending parallel channel on the daily chart. The price is above the channel and has already retested the downward-sloping trendline. We should see a strong pump from the current price.
Why is bitcoin pumping? From a technical perspective, it's pretty easy to say. Take a look at the previous price action. We have a false breakout below the key levels; it was a bear trap created by market makers to get as much liquidity as possible for their huge orders, as they cannot simply do so whenever they want.
From the Elliott Wave perspective, there is nothing bearish at this moment. I see that the corrective pattern WXYXZ has been completed, and we are starting a brand new impulse wave to the upside. The next target is around 71k because we have his important red trendline, so make sure you are aware of it.
Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
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