{"id":50078,"date":"2019-07-15T13:17:02","date_gmt":"2019-07-15T17:17:02","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=50078"},"modified":"2019-07-15T13:17:28","modified_gmt":"2019-07-15T17:17:28","slug":"restless-bitcoin-makes-fiat-elite-sleepless-again","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2019\/07\/restless-bitcoin-makes-fiat-elite-sleepless-again\/","title":{"rendered":"Restless Bitcoin Makes Fiat Elite Sleepless Again"},"content":{"rendered":"

A year ago, \u201cBitcoin was at a crossroads\u201d<\/a> as then I spotted a triangular consolidation on the chart<\/a>. The price could go both upside and downside, and I marked them as \u201cRevival\u201d and \u201cOblivion\u201d areas accordingly. Below are your bets for the future of Bitcoin a year ago.<\/p>\n

\"Bitcoin\"<\/p>\n

Crypto enthusiasts are in the majority, although haters scored a hefty 41%. This violent confrontation shows that Bitcoin again threatens the interests of the elite as there are a lot of people, including President Trump<\/a>, who expresses their opposition to cryptocurrencies as a whole. And it\u2019s a natural course of things as human beings often reject changes and the elite try to shield their ultimate position.<\/p>\n

Bitcoin broke both the downside of the triangle<\/a> and the bearish confirmation level at the $6400 entering the \u201cOblivion\u201d territory. The bearish target of $1250 had not been reached as the price of crypto gold had reversed ahead of $3000 notch. So, the first move was to the downside, and those of you who chose the \u201cOblivion\u201d option was right.<\/p>\n

This year Bitcoin entered the \u201cRevival\u201d area. It\u2019s time to update the chart, and I am going to start with the monthly time frame. <\/p>\n

\"Bitcoin\"<\/a>
\nChart courtesy of tradingview.com<\/em><\/small> <\/p>\n

Bitcoin completed the BC correction when it entered the \u201cOblivion\u201d area. It was a quite deep retracement as the price has dived between the 78.6% and 88.6% Fibonacci retracement levels (not shown here). And this proves the old wisdom that one should reach the bottom to kick off from the ground. It is worth to mention that the first coin has been retracing around 90% all the way up, so don\u2019t bet all your money there. <\/p>\n

The cryptocurrency had spent a few months in hibernation between the $3000 and $4000 before it pushed up through the \u201croof.\u201d Then the follow-through buying frenzy has ignited the exponential growth of the coin as it reached the $14k handle too fast as we passed the half of the entire CD segment. It has the sharper angle as these days investors know where it could potentially rocket based on early history. The conservative target for the CD segment is located at the $23100 level where the CD=AB. It was easy to calculate it as price moved from the zero to $20k in the AB segment. So, I just added that round number to the former valley of $3100 to get the target for the CD segment. I added the blue box target area on the chart as price should at least tag the former top of $20k to complete the large structure of AB\/CD move. <\/p>\n

It looks unbelievable now, but we could be in a large sideways move between the zero and the $23k with huge volatile moves up and down inside.<\/p>\n

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Which target for bitcoin price do you see?<\/strong><\/p>