UltimaTe Elliott wAve Analysis for Bitcoin-double combined wave4
The price according to Elliot waves has finished the correction of wave 4 (which was a double combined correction wave WXY), finding support at 50% of wave 3, and at the green line.
Now wave 5 is going to develop, which is weak, and I don't think it will be enough to take us to the 100k that so many people are waiting for. The target price for wave 5 is between 85k and 95k.
From there I suppose the last big fall of bitcoin will come generated by the recession that is a product of the overinflated stock market we are currently in.
On the negative side, there are certain behaviors in the price (which I will not name so as not to make the analysis too long) that indicate to me that we could be experiencing a distribution (large investors selling slowly at the top) and that we have already touched the top of the bitcoin price.
As for probabilities, I would say that the first case (the positive one) has 42% and the second (the negative one) 32%, the other 26% would be distributed in other more remote scenarios.
Now wave 5 is going to develop, which is weak, and I don't think it will be enough to take us to the 100k that so many people are waiting for. The target price for wave 5 is between 85k and 95k.
From there I suppose the last big fall of bitcoin will come generated by the recession that is a product of the overinflated stock market we are currently in.
On the negative side, there are certain behaviors in the price (which I will not name so as not to make the analysis too long) that indicate to me that we could be experiencing a distribution (large investors selling slowly at the top) and that we have already touched the top of the bitcoin price.
As for probabilities, I would say that the first case (the positive one) has 42% and the second (the negative one) 32%, the other 26% would be distributed in other more remote scenarios.
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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.
Free Telegram channel:
t.me/cinnamon_club
#1 Trader at PrimeXBT.com (cinnamon)
t.me/cinnamon_club
#1 Trader at PrimeXBT.com (cinnamon)
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.