Bitcoin (BTCUSD) Analysis and Forecast (Fri, Sept 21st, 2018): A race towards $7100

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Double bottoms were formed; Bitcoin is anticipated to shoot up further.

Bitcoin has hiked up significantly since last midnight, definitively surpassing the neckline level ($6600) of the Double Bottoms pattern. The most popular cryptocurrency is now lingering under the 50.0% Fibonacci retracement level, and the bulls are trying to gain some ground against the bears to lift the price higher, following the 3rd Elliott Corrective Wave marked with (C).

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Bitcoin (BTCUSD) H4 chart on September 21st, 2018

In order to complete the Double Bottoms pattern, Bitcoin is supposed to reach the level of $7100, where the ascending movement from the neckline is approximately the same height as the distance from the neckline to the double bottoms.

However, we expect a stronger escalation to be at least $7415 - the end of the 1st Elliott Corrective Wave marked with (A).

Written by nami.today

 

 

 

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