BTC - 4H Elliott Wave Analysis (part 1 of 2)
Greetings, this is my current Elliott Wave count for Bitcoin.
This time it is a bit different as I will do two separate post one containing the bullish count and one containing the bearish count. I split it up into two posts to keep the chart clean so it is easier to understand and I highly recommend reading both as none of them is preferred at the moment. I do post both counts now instead of waiting for clarity so everybody has time to prepare and get ready as the price might move fast especially with more news tomorrow the 16. January and the inauguration of Trump next Monday the 20th January. The counterpart counts will respectively be posted in the notes down below.
The bullish count:
In this count we assume that the red ABC is finished and with it the blue Wave 4 bottomed during the 13th January at 88909.0 USD and we started the blue Wave 5 which could be the last rally in this bull market. The recent move up could be 1st Wave of the impulse displayed as white Wave 1 here. Next we are looking for a retracement in white Wave 2.
Wave 2 support sits between the 0.5 FIB at 94327.8 USD and the 0.786 FIB at 91228.2 USD.
After we get the orange Wave A and B we can calculated further targets for orange Wave C which would finish white Wave 2.
Important is that the coming retracement is in a corrective fashion and not an impulsive. If we see five Waves down now this could be the first indication that the bears are in control and we might get a lower blue Wave 4.
Thanks for reading.
NO FINANCIAL ADVICE.
This time it is a bit different as I will do two separate post one containing the bullish count and one containing the bearish count. I split it up into two posts to keep the chart clean so it is easier to understand and I highly recommend reading both as none of them is preferred at the moment. I do post both counts now instead of waiting for clarity so everybody has time to prepare and get ready as the price might move fast especially with more news tomorrow the 16. January and the inauguration of Trump next Monday the 20th January. The counterpart counts will respectively be posted in the notes down below.
The bullish count:
In this count we assume that the red ABC is finished and with it the blue Wave 4 bottomed during the 13th January at 88909.0 USD and we started the blue Wave 5 which could be the last rally in this bull market. The recent move up could be 1st Wave of the impulse displayed as white Wave 1 here. Next we are looking for a retracement in white Wave 2.
Wave 2 support sits between the 0.5 FIB at 94327.8 USD and the 0.786 FIB at 91228.2 USD.
After we get the orange Wave A and B we can calculated further targets for orange Wave C which would finish white Wave 2.
Important is that the coming retracement is in a corrective fashion and not an impulsive. If we see five Waves down now this could be the first indication that the bears are in control and we might get a lower blue Wave 4.
Thanks for reading.
NO FINANCIAL ADVICE.
Note
The bearish count (part 2 of 2):
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.
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.