BitCoin BTC/USD Crypto Currency Weekly Outlook 11-15th May 2020

Bitcoin BTC/USD Price Action, Support Resistance, Candlestick, Elliott Wave Analysis. 

BitCoin Weekly Candle Formation : 

BTC/USD Bitcoin weekly chart
BTC/USD Bitcoin weekly chart 

Weekly Candle formation is a Doji which is a sign of indecision between bulls and bears

Bulls will get active above 10200 for the Target of 11900/13000

Bears will get active below 7600 for the Target of 

Bitcoin Daily An Ascending Triangle Pattern: 

BTC/USD Daily Chart
BTC/USD Daily Chart 

Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming.

we may see Strength above trendline breaking up & take support near 10,000 

Weakness may see if Trendline breaking downside and take resistance near 8900 

BTC/USD Elliott Wave Analysis 4 H Time frame :

BTC/USD Elliott Wave Analysis
BTC/USD Elliott Wave Analysis 

Bitcoin 3rd wave was 123.6% of 1st wave and correction of 3rd wave is 50% completed at 8097

Bitcoin is now in the 5th wave on a 4H Time Frame 

The target of 5th wave with Fibonacci Ratio 

If 5th wave 38.2% of 0 to 3rd wave then 10470
If it will be 61.8% of 0 to 3rd wave then 11937

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