During summer, Bitcoin is usually very boring. You probably have heard of the sentence “Sell in May and go away.” We can expect Bitcoin to go pretty much sideways in the next months, which creates a perfect environment for altcoins. But in the short term, Bitcoin is bullish and we are going to hit a new all-time high soon. Let’s look at the latest bitcoin price action.
On the chart we can see that Bitcoin has been moving in the ascending channel in the recent weeks, and at the end we see a symmetrical triangle. Symmetrical triangles from the Elliott Wave perspective are usually marked as wave 4 preceding the last wave to the upside, followed by a crash. Usually triangles are very tricky, and market makers use them to trap retail traders. This is exactly what is going on here; we can clearly see trapped traders above the symmetrical triangle at this moment. Their stop loss is most likely below the triangle! This is where the price can go before continuing higher.
100k is a strong psychological support, and I believe the bulls will hold it. I am currently bullish on Bitcoin and expect a new all-time high in the near future! Altcoins should start exploding in the next weeks! Now tell me in the comment section, do you think an alt season is ready?
Write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! It is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!
