Bitcoin to $45K then down to $34K?
Bitcoin has been up for 5 consecutive months. This has only happened 4 other times since 2012: 1. Mar-Sep 2012 7 up months 2. Nov 2012 - Apr 2013 6 up months 3. Apr - Aug 2017 5 up months 4. Feb - Jun 2019 5 up months So it is unusual in the last 12 years that Bitcoin has been up 5 consecutive months
It begs the question was Jan the end of the streak and will Feb 2024 be a down month? Looking at the daily chart posted, Bitcoin went up from $24900 on 9/11/23 to $49102 on 1/11/24. That was minor wave 1 on my chart. The move down to $38501 on 1/23/24 was minute wave A. This move up since is minute wave B. It is likely to end at the 0.618 to 0.65 Fib golden pocket of the move down in wave A at 45K to 45.4K. That may come as early as Monday Feb 5th.
What happens after minute wave B is complete? Corrective minute wave C of course and it might go as low as 34K which would be the 0.618 Fib retrace of the minor wave 1 move from $24900 to $49102. It should go below the minute wave A low of $38501 but could end anywhere between 34K and 38K.
It begs the question was Jan the end of the streak and will Feb 2024 be a down month? Looking at the daily chart posted, Bitcoin went up from $24900 on 9/11/23 to $49102 on 1/11/24. That was minor wave 1 on my chart. The move down to $38501 on 1/23/24 was minute wave A. This move up since is minute wave B. It is likely to end at the 0.618 to 0.65 Fib golden pocket of the move down in wave A at 45K to 45.4K. That may come as early as Monday Feb 5th.
What happens after minute wave B is complete? Corrective minute wave C of course and it might go as low as 34K which would be the 0.618 Fib retrace of the minor wave 1 move from $24900 to $49102. It should go below the minute wave A low of $38501 but could end anywhere between 34K and 38K.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.