BTC situation fully Explained:why it can reach 77k?
Updated
Hi every one
Bitcoin / U.S. Dollar
BTC Has done a heavy correction recently.you might be wondering why is this happening? Well, as you can see the price was in a rising wedge pattern and this is not the first time that this pattern appeared and started a bearish trend.a support is available at 58k,but a stronger support is around 55k.
If we try to put Elliot wave principles on the price, we can understand that Bitcoin is on the 4th wave of Impulse waves which is a Correction wave. If the 5th wave manages to break the ATH of bitcoin, we shall see btc reach 77k! Note that 5th wave is considered to be as much as the 1st wave that's why our target is at 77k. If 5th wave can't break the resistance which sits at the ATH, we shall see a smaller 5th wave.
🟡Summary:
-BTC Is in a correction phase.
-falling wedge pattern & 4th Impulse wave of Elliot were effective for bearish trend.
-support at 58k&55k.
-resistance at ATH (69K).
-Possible target at 77k.
💎Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad.
Things can change...
The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
Thank you for seeing idea .
Have a nice day and Good luck
Bitcoin / U.S. Dollar
BTC Has done a heavy correction recently.you might be wondering why is this happening? Well, as you can see the price was in a rising wedge pattern and this is not the first time that this pattern appeared and started a bearish trend.a support is available at 58k,but a stronger support is around 55k.
If we try to put Elliot wave principles on the price, we can understand that Bitcoin is on the 4th wave of Impulse waves which is a Correction wave. If the 5th wave manages to break the ATH of bitcoin, we shall see btc reach 77k! Note that 5th wave is considered to be as much as the 1st wave that's why our target is at 77k. If 5th wave can't break the resistance which sits at the ATH, we shall see a smaller 5th wave.
🟡Summary:
-BTC Is in a correction phase.
-falling wedge pattern & 4th Impulse wave of Elliot were effective for bearish trend.
-support at 58k&55k.
-resistance at ATH (69K).
-Possible target at 77k.
💎Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad.
Things can change...
The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
Thank you for seeing idea .
Have a nice day and Good luck
Trade active
(Update) Are you ready to see BTC at 77k?
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t.me/CobraVanguard
📥┃Premium trading experience with COINCALL
coincall.com/r/47022631
📥┃Join the platform where I trade and receive up to a $500 welcome reward! coinex.com/register?refer_code=n8fmk
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