This analysis suggests that Bitcoin completed a major cycle in November 2022 and subsequently began an upward trend, characterized by an extended Wave (3) of the Intermediate degree, following Elliott Wave Theory principles. A recent breakdown below the Minor Wave 4 indicates a potential retracement. The analysis identifies a key retracement zone at approximately 61.8% of the previous upward move, potentially representing the Wave ((2)) of the Primary degree. This level is crucial for observing potential support and a trend reversal.
Disclaimer:
Not Financial Advice: This analysis is for informational and educational purposes only. It should not be construed as financial advice or a recommendation to buy or sell any cryptocurrency.
Market Volatility: The cryptocurrency market is highly volatile and subject to rapid and unpredictable price swings.
Risk of Loss: Trading and investing in cryptocurrencies involve substantial risk of loss. You could lose some or all of your invested capital.
Independent Research: You should conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions.
Disclaimer:
Not Financial Advice: This analysis is for informational and educational purposes only. It should not be construed as financial advice or a recommendation to buy or sell any cryptocurrency.
Market Volatility: The cryptocurrency market is highly volatile and subject to rapid and unpredictable price swings.
Risk of Loss: Trading and investing in cryptocurrencies involve substantial risk of loss. You could lose some or all of your invested capital.
Independent Research: You should conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions.
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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.
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.