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


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).

bitcoin analysis and forecast, bitcoin analysis, bitcoin forecast, bitcoin, btcusd, btc

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