[Advanced] Bitcoin Elliott Wave Analysis
In my previous breakdown of Bitcoin's chart, I described a very simple approach where i identified significant support and resistance levels for Bitcoin.
- For this chart, I have meticulously counted all significant elliott waves for Bitcoin.
- You can click around, zoom in and out to see the specific wave counts I made for the past price action as well.
- We have currently completed the first wave of the final 5th cycle wave.
- The correction that is taking place could be seen as the second corrective wave.
- While most people have their eyes on 53k, I think there's untapped supply below 53k.
- If we see Bitcoin break and close above $60-61k on the daily, the most probable case would be Bitcoin retesting the 63.6k resistance.
- Breaking through 63.6k would indicate that Bitcoin could resume to the uptrend immediately.
- However, we have broken down the $60-61k range, and attempted to break above it multiple times.
- The chart suggests that this short term upward move not only lacks momentum, but is also considered a mere pullback before a potential leg down.
- The key area of support that I consider to be important is 51.4k.
Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.
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