Bitcoin Market Outlook Elliot Wave Theory (W44/2024) // AlgoFyre
The market is at a crucial point near the all-time high, with potential for both bullish and bearish outcomes. Key levels and possible scenarios are highlighted, with the US election as a significant upcoming event.
🟢 Short-Term Outlook (Next Few Weeks to Months) - Bullish Scenario
🔸W Structure Bullish Setup: It's October 30th, 2024. The market has formed a "W" structure, indicating strong bullish potential if it can break through the all-time high (ATH). However, as with previous highs, a rejection may occur, with either a minor pullback or a more significant corrective wave.
🔸Corrective Phase Possibility: If there's an initial rejection, it may simply be a short pullback before another upward push. However, a more profound correction could also follow, pulling the price down significantly before the next bullish attempt.
🔸Timing Around the US Election: The price action near the election remains critical. A bullish breakout scenario could involve stuttering around the ATH before a sharp move up. Alternatively, a quick retest of the 66,000-69,000 range may precede the next leg upward.
🔸Bullish Impulse Continuation: If the monthly close appears bullish, expect a strong start to November, potentially with a fifth wave continuation. A possible small pullback could still happen first, but the general outlook leans bullish if these conditions hold.
🔸Bullish Summary (TLDR):
🔴 Short-Term Outlook (Next Few Weeks to Months) - Bearish Scenario
🔸Rejection at ATH Possible: At the ATH, the price might face rejection, signaling a possible correction. A large drop toward the 66,000 area could follow if the market fails to sustain above key support levels.
🔸Bearish Flat Pattern Possibility: The price may attempt another push, then correct down, forming a flat pattern for a B-Wave before a larger decline. A bearish breakdown could target lower levels, specifically near 65,500 if momentum shifts.
🔸Larger C-Wave Target to 52K Area: If the price rejects strongly, a larger C-wave down could lead to a deeper correction, potentially targeting around the 52,000 level if bearish momentum intensifies.
🔸Longer-Term Downtrend Risk: With a potential major downtrend setting up for the next year, the market could see extended consolidation or a more substantial correction if the current highs don't hold.
🔸Bearish Summary (TLDR):
🔶 Key Takeaway
The market is at a key resistance level, with both bullish and bearish outcomes possible near the ATH. A strong push upward is likely if bullish conditions hold, while a rejection could trigger a deeper correction, potentially aligning with the election timeline.
🟢 Short-Term Outlook (Next Few Weeks to Months) - Bullish Scenario
🔸W Structure Bullish Setup: It's October 30th, 2024. The market has formed a "W" structure, indicating strong bullish potential if it can break through the all-time high (ATH). However, as with previous highs, a rejection may occur, with either a minor pullback or a more significant corrective wave.
🔸Corrective Phase Possibility: If there's an initial rejection, it may simply be a short pullback before another upward push. However, a more profound correction could also follow, pulling the price down significantly before the next bullish attempt.
🔸Timing Around the US Election: The price action near the election remains critical. A bullish breakout scenario could involve stuttering around the ATH before a sharp move up. Alternatively, a quick retest of the 66,000-69,000 range may precede the next leg upward.
🔸Bullish Impulse Continuation: If the monthly close appears bullish, expect a strong start to November, potentially with a fifth wave continuation. A possible small pullback could still happen first, but the general outlook leans bullish if these conditions hold.
🔸Bullish Summary (TLDR):
- []The market may stutter or slightly retrace near the ATH but is expected to continue up if it holds support. A monthly close above key levels could lead to a breakout, potentially resuming upward movement following a short correction.
[]Price action could see some range-bound movement in the next week. Watch for either a quick push-up or a consolidation phase that sets up a bullish continuation post-election.
🔴 Short-Term Outlook (Next Few Weeks to Months) - Bearish Scenario
🔸Rejection at ATH Possible: At the ATH, the price might face rejection, signaling a possible correction. A large drop toward the 66,000 area could follow if the market fails to sustain above key support levels.
🔸Bearish Flat Pattern Possibility: The price may attempt another push, then correct down, forming a flat pattern for a B-Wave before a larger decline. A bearish breakdown could target lower levels, specifically near 65,500 if momentum shifts.
🔸Larger C-Wave Target to 52K Area: If the price rejects strongly, a larger C-wave down could lead to a deeper correction, potentially targeting around the 52,000 level if bearish momentum intensifies.
🔸Longer-Term Downtrend Risk: With a potential major downtrend setting up for the next year, the market could see extended consolidation or a more substantial correction if the current highs don't hold.
🔸Bearish Summary (TLDR):
- A rejection at the ATH may lead to a range-bound correction or a larger move down if bearish pressure persists. The market is likely to stay cautious until after the election, with critical levels to watch around 66,000 and 52,000.
🔶 Key Takeaway
The market is at a key resistance level, with both bullish and bearish outcomes possible near the ATH. A strong push upward is likely if bullish conditions hold, while a rejection could trigger a deeper correction, potentially aligning with the election timeline.
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🔶 Check out algofyre.com/linktree
🔶 Looking for custom indicators, strategies, or automation? Hire us at AlgoFyre.com
🔶 All content provided by AlgoFyre is for informational and educational purposes only.
🔶 New content every Wednesday!
🔶 Check out algofyre.com/linktree
🔶 Looking for custom indicators, strategies, or automation? Hire us at AlgoFyre.com
🔶 All content provided by AlgoFyre is for informational and educational purposes only.
🔶 Check out algofyre.com/linktree
🔶 Looking for custom indicators, strategies, or automation? Hire us at AlgoFyre.com
🔶 All content provided by AlgoFyre is for informational and educational purposes only.
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