From the end of June 2019, there is the downtrend. We will be able to confirm an uptrend, when the levels $12340, and $13870, will be crossed. The strong confirmation will be when a candle will close above the levels.
The current wave is building the 7th green candle, the volume is lower and lower. We should expect a correction, we have to have correction to have clear situation. But before the correction, a price could go to near $9000 (23,6%, and the top edge of the downtrend channel). Now we are between the two levels (38,2% and 23,6%). The target $9000 is on 127,2% level of the last uptrend, so it’s the next strong signal. RSI and MACD show the potential to grow. So one more green candle is possible.
The current price of $8400 is on 113% level of the last uptrend, so it is also possible to start correction from this point.
If the correction will take place from the level $9000, the first target should be between $8000 - $7750 (18,6% - 23,6%). If this level will be crossed, then the next is $7000, and finally, $5000 (78,6%), which in my opinion is stronger than $5500. When we will land on $5000 it should be a strong signal for growing.
When the correction will be finished and on which level, we will see what next.
In the longterm, the price can go to level $35000.
There is not any financial advice, just my analysis of the situation.
The current wave is building the 7th green candle, the volume is lower and lower. We should expect a correction, we have to have correction to have clear situation. But before the correction, a price could go to near $9000 (23,6%, and the top edge of the downtrend channel). Now we are between the two levels (38,2% and 23,6%). The target $9000 is on 127,2% level of the last uptrend, so it’s the next strong signal. RSI and MACD show the potential to grow. So one more green candle is possible.
The current price of $8400 is on 113% level of the last uptrend, so it is also possible to start correction from this point.
If the correction will take place from the level $9000, the first target should be between $8000 - $7750 (18,6% - 23,6%). If this level will be crossed, then the next is $7000, and finally, $5000 (78,6%), which in my opinion is stronger than $5500. When we will land on $5000 it should be a strong signal for growing.
When the correction will be finished and on which level, we will see what next.
In the longterm, the price can go to level $35000.
There is not any financial advice, just my analysis of the situation.
Comment:
I'm waiting to see if price will cross $10500 or will go down.