For the month of March, bitcoin has been carving out this upward sloping price channel.
The recent price action for bitcoin suggests a retest of the support trend line is coming. How prices behave from this support trend line will say a lot about the digital asset.
If the Elliott wave triangle scenario plays out, bitcoin will grind sideways between $54,000 and $60,000 for a couple more waves. Once the (e) leg is complete, that would finish wave ((iv)) and lead to a wave ((v)) higher.
It is hard to say which of these scenarios play out right now. The recent rejection at the mid-line suggests more corrective behavior to the channel support line is likely to unfold.
Best of luck trading!
The recent price action for bitcoin suggests a retest of the support trend line is coming. How prices behave from this support trend line will say a lot about the digital asset.
- Prices meaningfully bounce at support (green arrow) - under this scenario, bitcoin likely makes a run higher to the channel midline
- Prices thud at support, then correct further (red arrow) - if this situation unfolds, then we'll likely see a correction back to $49,400 and possibly lower
- Price carve an Elliott wave triangle pattern -
If the Elliott wave triangle scenario plays out, bitcoin will grind sideways between $54,000 and $60,000 for a couple more waves. Once the (e) leg is complete, that would finish wave ((iv)) and lead to a wave ((v)) higher.
It is hard to say which of these scenarios play out right now. The recent rejection at the mid-line suggests more corrective behavior to the channel support line is likely to unfold.
Best of luck trading!
Note
Price channel support simply could not hold up Bitcoin. This eliminates scenario #1 leaving #2 and #3 still possible. For the Elliott wave triangle scenario to play out, we will need to see a rally from above $53,221 that is feeble and holds below $60k.
Below $53,221 we have a larger corrective pattern at play that opens the door to $49,400.
Good luck!
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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.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
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.