> The price of bitcoin has started to go down, has it broken the resistance of $ 11000 and will we see possible downward price targets or will it be the floor and the price will go up? ### Let's see

![Captura de pantalla 2020-09-07 a las 11.20.30 a.m..png](https://cdn.steemitimages.com/DQmRXsyHu9qsTYRTLNN4zV58EbRXRnotitfUu7AMa49VZ1k/Captura%20de%20pantalla%202020-09-07%20a%20las%2011.20.30%20a.m..png) #### Update to this analysis I did several days ago, based on Elliot Waves. ### What has happened in these months > I have moved the bullish channel to indicate possible price targets to go higher. > As we will see in the graph, the price of Bitcoin has been maintained for months by a bullish channel. It is natural that when this happens, the price is lateralized for a time or some correction occurs. As it has done in the last months ### The price in the last days started going down, breaking supports ## Elliot 5 Wave Cycle

A 5 Elliot wave cycle was used for bullish analysis. And we would be in a corrective wave 4 or we could be about to start a wave 5 in formation ![Captura de pantalla 2020-09-07 a las 3.37.48 p.m..png](https://cdn.steemitimages.com/DQmTMP3wrGRhsWkNGKGz5SiighD3pnqEtfSNu3RD84ppKUF/Captura%20de%20pantalla%202020-09-07%20a%20las%203.37.48%20p.m..png) ### Bullish analysis

As we see in the graph, the first 4 waves of the main impulse would already be formed. And we would be on the 5 waves of elliot At the end of wave 5 (of the secondary wave, blue color), the price of Bitcoin could reach approximately $ 14,000. > We should see in the next few days a price rise towards $ 12,500 dollars in its upward movement, to begin to form the 5 wave > The trend that remains bullish in the short term. Correcting the price below $ 7,500 would invalidate all bullish counts in the medium term. ### Downward analysis

![Captura de pantalla 2020-09-07 a las 3.55.56 p.m..png](https://cdn.steemitimages.com/DQmNNiHgQgbXeZQbbG71WqG4rHHze74bGjMCTDpPaKunYvr/Captura%20de%20pantalla%202020-09-07%20a%20las%203.55.56%20p.m..png) > We saw price movements in previous weeks was quite bullish and at some point the price should correct. This last week that correction has begun in Bitcon We could be that wave 4 is complete or continues the price correcting. For now there are no indicators in the price that tells us how far it could go in a possible correction Based on Elliot waves and price supports, we could set up a cycle of 5 sub-waves of price correction. At the end of wave 5 (of the wave, red color), the price of Bitcoin could reach $ 8,500. ### What you think? Bitcoin up or down?

Remember to give your post a vote, Always support good content. Thanks Follow me it costs you nothing and you get a Healing Reward with Your Vote ![bitcoin-imagen.jpg](https://cdn.steemitimages.com/DQmPHQJdHd8axmDUH8GmoJXBPt2pHQX2tPTdTJP8oCjmJfj/bitcoin-imagen.jpg) Protect your assets use Stop loss > The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss. We will continue monitoring To be attentive Protect your Investments Lately I have noticed that there is no good analysis on steem, everything takes time, I ask that as you read them leave your vote, it is a way to encourage you to continue making more reports, thanks. Feel free to use and share my post or graphics, but please mention, @criptoar as the author. Otherwise, consider plagiarism and I will call you and advise my friends to do the same. READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses. ![Captura de pantalla 2020-05-09 a las 11.59.54 a.m..png](https://cdn.steemitimages.com/DQmRp7jUMBLygU2uva7xM8dpUcahZepykbQSj6EMmjh7F4i/Captura%20de%20pantalla%202020-05-09%20a%20las%2011.59.54%20a.m..png) Vote for the post. Always support good content. Follow me it costs you nothing and you get a Healing Reward with Your Vote