Despite the fact that btc/usd has broken my long term downtrend line the overall picture remains weak. We could have seen the first shy attempt of a major trend reversal but it’s not enough, for who has experience of elliott wave analisys we have all the major waves inherent to a long term investment horizon pointing down (primary, intermediate and minor wave degrees). The indications i’m giving in this update apply to longer term investors for a price moves of possibly 30% or more, since Primary, Intermediate and Minor Wave degrees are all DOWN. The most certain price target is the target of the Minor wave degree, which is in wave 3, at 14.2$, normally also the target of the next higher wave degree could be reached at 13.6$, which is in wave 2.
Instead, looking for a possible target for the Primary time frame , we are in a wave 3 and the first target is at 11.80$.
It’s a good sign that all these targets are above the long term static support placed at 9$.