{"id":423480,"date":"2020-05-11T17:30:23","date_gmt":"2020-05-11T17:30:23","guid":{"rendered":"https:\/\/wncen.com\/?p=423480"},"modified":"2024-06-11T13:48:32","modified_gmt":"2024-06-11T13:48:32","slug":"final-wave-in-current-bitcoin-rising-wedge-could-target-11000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/final-wave-in-current-bitcoin-rising-wedge-could-target-11000\/","title":{"rendered":"Final Wave in Current Bitcoin Rising Wedge Could Target $11,000"},"content":{"rendered":"<p class=\"p1\">Tomorrow\u2019s halving helped <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> make another strong push to $10,000, but the first-ever cryptocurrency failed to breach the key level.<\/p>\n<p class=\"p1\">However, according to the structure of a massive rising wedge, there may be yet another wave up to nearly $11,000 before a correction and pullback ensue.<\/p>\n<h2 class=\"p1\">Started From the Bottom: Bitcoin Forms Rising Wedge After Bounce at $3,800<\/h2>\n<p class=\"p1\">The <a href=\"https:\/\/wncen.com\/2020\/05\/09\/the-greatest-shakeout-bitcoin-reclaims-generational-log-curve-with-160-rally\/\">Black Thursday selloff<\/a> that rocked the stock market and cryptocurrencies, took <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> down to $3,800.<\/p>\n<p class=\"p1\">There, the leading cryptocurrency by market had a powerful bounce that has nearly reached the highs set prior to the crash in late February.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/05\/09\/the-greatest-shakeout-bitcoin-reclaims-generational-log-curve-with-160-rally\/\">The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">On the way up, each peak and trough back and forth has formed a rising wedge that points to significant downside in the days ahead.<\/p>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/w\/wedge.asp\" target=\"_blank\" rel=\"noopener nofollow\">Rising wedges<\/a> can form as a reversal pattern within an uptrend, or as continuation patterns within a downtrend.<\/p>\n<p>However, according to one crypto analyst, there&#8217;s room for one more wave left in the current structure, suggesting another pump will occur before the real drop happens.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$btc<\/a> update:<\/p>\n<p>The diverging TL&#39;s of current PA suggests a rising wedge. In the pics some examples of other rising wedges that have occurred. If so the current wedge still misses one wave up.<\/p>\n<p>I&#39;ll be watching that bottom TL though. Break and I expect lower prices <a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#btc<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/vn1RE1VIAa\" rel=\"nofollow\">pic.twitter.com\/vn1RE1VIAa<\/a><\/p>\n<p>&mdash; Cryptotoad (@Mesawine1) <a href=\"https:\/\/twitter.com\/Mesawine1\/status\/11357440?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 11, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"p1\">Another Wave For BTCUSD Could Target Nearly $11,000<\/h2>\n<p>In a comparison with prior rising wedges, the current formation is missing a final, fifth wave up.<\/p>\n<p>According to <a href=\"https:\/\/wncen.com\/2020\/05\/08\/crypto-analyst-highlights-last-ever-bitcoin-dip-using-elliott-wave-theory\/\">Elliott Wave Theory<\/a>, all price action consists of impulse waves and corrective waves. Most commonly, impulse moves are five waves in the primary trend direction, while corrective waves most commonly consist of three waves in the opposite direction.<\/p>\n<p><a href=\"https:\/\/wncen.com\/2020\/05\/08\/crypto-analyst-highlights-last-ever-bitcoin-dip-using-elliott-wave-theory\/\">Corrective waves within triangles<\/a>, also called ABCDE corrective waves, can feature five distinct waves.<\/p>\n<p>The current trend is up, and after the fifth and final impulse wave plays out, the correction can finally take place.<\/p>\n<p>According to the analysis above, the target of the fifth wave would be at least $10,800. But since most <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> moves overextend, and the halving is here, a push above $11,000 isn&#8217;t out of the cards.<\/p>\n<p>If Bitcoin price does correct, there are three main targets to watch for where a rebound may take place. Losing these three levels would result in a retest of previous lows.<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/x\/JW6Soj7I\/\" target=\"_blank\" rel=\"noopener nofollow\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-423498\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/download-8.png?resize=686%2C514\" alt=\"bitcoin price btcusd rising wedge\" width=\"686\" height=\"514\"><\/a><\/p>\n<p>The first level lies at $7,800. The last time <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> fell through this area, it crashed another 50% in the very next candle. This area was also not retested as support following the most recent break of the resistance level.<\/p>\n<p>If that area doesn&#8217;t hold, below it around $6,800 will act as the next logical place for a bounce or reversal back into an uptrend. This area would also potentially form a <a href=\"https:\/\/wncen.com\/2020\/05\/09\/bitcoin-price-rejected-at-bear-market-supply-zone-rally-to-resume-after-retest-of-demand\/\">right shoulder in a massive inverse head and shoulders pattern<\/a>.<\/p>\n<p>Losing that level would result in a retest of $5,600.<\/p>\n<pre>Feature image from Pixabay, Charts from TradingView<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Tomorrow\u2019s halving helped Bitcoin price make another strong push to $10,000, but the first-ever cryptocurrency failed to breach the key level. However, according to the structure of a massive rising wedge, there may be yet another wave up to nearly $11,000 before a correction and pullback ensue. Started From the Bottom: Bitcoin Forms Rising Wedge After Bounce at $3,800 The Black Thursday selloff that rocked the stock market and cryptocurrencies, took Bitcoin price down to $3,800. There, the leading cryptocurrency by market had a powerful bounce that has nearly reached the highs set prior to the crash in late February. Related Reading | The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally\u00a0 On the way up, each peak and trough back and forth has formed a rising wedge that points to significant downside in the days ahead. Rising wedges can form as a reversal pattern within an uptrend, or as continuation patterns within a downtrend. However, according to one crypto analyst, there&#8217;s room for one more wave left in the current structure, suggesting another pump will occur before the real drop happens. $btc update: The diverging TL&#39;s of current PA suggests a rising wedge. In the pics some examples of other rising wedges that have occurred. If so the current wedge still misses one wave up. I&#39;ll be watching that bottom TL though. Break and I expect lower prices #btc #bitcoin pic.twitter.com\/vn1RE1VIAa &mdash; Cryptotoad (@Mesawine1) May 11, 2020 Another Wave For BTCUSD Could Target Nearly $11,000 In a comparison with prior rising wedges, the current formation is missing a final, fifth wave up. According to Elliott Wave Theory, all price action consists of impulse waves and corrective waves. Most commonly, impulse moves are five waves in the primary trend direction, while corrective waves most commonly consist of three waves in the opposite direction. Corrective waves within triangles, also called ABCDE corrective waves, can feature five distinct waves. The current trend is up, and after the fifth and final impulse wave plays out, the correction can finally take place. According to the analysis above, the target of the fifth wave would be at least $10,800. But since most Bitcoin price moves overextend, and the halving is here, a push above $11,000 isn&#8217;t out of the cards. If Bitcoin price does correct, there are three main targets to watch for where a rebound may take place. Losing these three levels would result in a retest of previous lows. The first level lies at $7,800. The last time Bitcoin price fell through this area, it crashed another 50% in the very next candle. This area was also not retested as support following the most recent break of the resistance level. If that area doesn&#8217;t hold, below it around $6,800 will act as the next logical place for a bounce or reversal back into an uptrend. This area would also potentially form a right shoulder in a massive inverse head and shoulders pattern. Losing that level would result in a retest of $5,600. Feature image from Pixabay, Charts from TradingView<\/p>\n","protected":false},"author":517,"featured_media":423499,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,6664,77608],"class_list":["post-423480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-rising-wedge"],"acf":[],"yoast_head":"\n<title>Final Wave in Current Bitcoin Rising Wedge Could Target $11,000<\/title>\n<meta name=\"description\" content=\"Tomorrow\u2019s halving helped Bitcoin price make another strong push to $10,000, but the first-ever cryptocurrency failed to breach the key level. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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