EW ANALYSIS BTCUSD: BITCOIN CAN BE TURNING BULLISH
Updated
Hello Crypto lovers!
BTCUSD turned sharply and impulsively up away from around 3100 level with five waves into wave A/1. We have actually expected a reversal around 3000 area, but we wanted to be sure. So, five waves up suggest a bullish reversal, but in EW theory, after every five waves, a three-wave pullback follows, which may occur in January of 2019. That said, be aware of a deeper a-b-c decline into a wave B/2 before a bullish continuation for wave C/3. An ideal support would be between 3800-3500 area, where we may see even a potential inverted H&S pattern.
If from any reason drops back below 3100 invalidation area, then bulls would be dead.
Trade well!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
BTCUSD turned sharply and impulsively up away from around 3100 level with five waves into wave A/1. We have actually expected a reversal around 3000 area, but we wanted to be sure. So, five waves up suggest a bullish reversal, but in EW theory, after every five waves, a three-wave pullback follows, which may occur in January of 2019. That said, be aware of a deeper a-b-c decline into a wave B/2 before a bullish continuation for wave C/3. An ideal support would be between 3800-3500 area, where we may see even a potential inverted H&S pattern.If from any reason drops back below 3100 invalidation area, then bulls would be dead.
Trade well!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Note
UPDATE: As expected, we have seen a nice a-b-c corrective decline back to ideal 61,8% Fibo. retracement and 3500 support level, from where BTC sharply bounced, which means that we have just got a perfect bullish setup. In our opinion, this could be the first evidence of a bullish continuation, so we can expect more upside within wave C/3 towards 4500-5000 or maybe even higher.Note
UPDATE: Bitcoin sharply declined, but don't fall in love with the bears just yet, because we see it as part of the final leg "c" of a three-wave a-b-c correction in wave B/2. That said, be aware of a potential bounce, ideally around 61,8% Fibonacci retracement and 3500-3300 support area. As long as price keeps trading above 3120 invalidation area, BTCUSD may turn back to bullish mode into a wave C/3.Note
UPDATE: Bitcoin came in the projected support area and bounced, so seems like bulls could be back in game! But, to confirm a completed correction and a bullish reversal, we need a strong rise back above 4000 region that can send price even higher towards 5k-6k. Invalidation level remains at 3100!Note
UPDATE: No big changes on BTC, despite that intra-day small break into new lows, BTC is still nicely trading around projected support area. We have just adjusted the labelings, where we see now a double zig-zag corrective pattern, but the main view remains the same! More upside in view while above December 2018 lows!Note
UPDATE: Bitcoin went slightly lower, but still looks corrective with ideal support here around 78,6% Fibonacci retracement! Could be finishing ending diagonal in wave "c", also some important Fibo. date range! Watch out for a bullish turn while it's above December 2018 lows!Note
UPDATE: Here we go! Patience finally paid off! After a completed three-wave a-b-c correction in wave B/2, Bitcoin is finally on the way up for wave C/3 towards new highs, which we expect to be completed within five subwaves.
Explore our services
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Related publications
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.