Bitcoin has found strong support and looks to be powering higher again. Based on Elliott Wave structure, we may now be entering the final leg of this major impulsive wave sequence—Wave 5.
✅ Support Held at a Classic Level
Wave 4 recently pulled back to the 38.2% Fibonacci retracement level of Wave 3—an area that often serves as key support in bullish Elliott Wave trends.
This bounce suggests buying interest remains strong at this level.
📈 Next Target: Wave 5 Projection
If the current structure holds, Wave 5 could aim for the 61.8% Fibonacci extension of Wave 1 + Wave 3, which points to a potential target around $132,669.
This level lines up with the upper boundary of the ascending channel, offering a confluence of resistance.
⚠️ One Caution: The Wave 3 Structure
While the count remains valid, Wave 3 lacks ideal symmetry, and may not exhibit the “right look” that Elliott Wave theory often prefers.
This introduces a slightly lower confidence level, but not enough to invalidate the primary bullish scenario.
🧠 For Beginners:
Elliott Waves are patterns of market behavior. A full trend typically moves in five waves, with Wave 5 often being the final push before a larger correction. Fibonacci levels help us project where waves may end based on the size of prior moves.
📌 Summary:
Wave 4 found strong support at 38.2%.
Wave 5 may now be in progress, targeting $132,669.
Keep an eye on price action near the top of the channel to gauge momentum and potential exhaustion.
If Bitcoin can maintain its trajectory, we may soon test the highs projected by this wave count.
✅ Support Held at a Classic Level
Wave 4 recently pulled back to the 38.2% Fibonacci retracement level of Wave 3—an area that often serves as key support in bullish Elliott Wave trends.
This bounce suggests buying interest remains strong at this level.
📈 Next Target: Wave 5 Projection
If the current structure holds, Wave 5 could aim for the 61.8% Fibonacci extension of Wave 1 + Wave 3, which points to a potential target around $132,669.
This level lines up with the upper boundary of the ascending channel, offering a confluence of resistance.
⚠️ One Caution: The Wave 3 Structure
While the count remains valid, Wave 3 lacks ideal symmetry, and may not exhibit the “right look” that Elliott Wave theory often prefers.
This introduces a slightly lower confidence level, but not enough to invalidate the primary bullish scenario.
🧠 For Beginners:
Elliott Waves are patterns of market behavior. A full trend typically moves in five waves, with Wave 5 often being the final push before a larger correction. Fibonacci levels help us project where waves may end based on the size of prior moves.
📌 Summary:
Wave 4 found strong support at 38.2%.
Wave 5 may now be in progress, targeting $132,669.
Keep an eye on price action near the top of the channel to gauge momentum and potential exhaustion.
If Bitcoin can maintain its trajectory, we may soon test the highs projected by this wave count.
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.