Don't Worry, Bitcoin will survive but forget about the moon . .

24 May 2018

Lets take a step back and have a Macro look at Bitcoin on the weekly chart and see whats going on with this Cycle. If you are an Elliott fan than this will hopefully make some sense. We are currently in a wave 4 correction which has formed a symmetrical triangle and the decreasing volume confirms the pattern. The bottom of the triangle has proved very supportive and has held firm on a number of a occasions. Now, theoretically a triangle can breakout in either direction but with this being a Wave 4 correction and Wave 5 still to come I believe it will break upwards when it hits that bottom of the triangle, which I predict at around $7000. If it does break the bottom, WATCH OUT !! Wave 5 will be long and take us close to the end of 2019 when it will reach 25k.