Can safely say that bitcoin completed Wave 3 (4.62 extension-8400), consequently based on the RSI divergence on 4 hours, we can currently expect a Wave 4.
2 variations for Wave 4 based on Elliott wave consolidation: 7200 (0.236 consolidation level) and 6450 (0.382). Personally I am more inclined towards 7200. Additional structural support levels are 7450 and 6700-6800.
This consolidation could take about 1-3 days. So during the weekend and based on volume, we can expect a slow buildup for wave 5.
>>If you liked this take on bitcoin, I would really appreciate a thumbs up or follow up for more.>>
It seems that especially this summer will be extremely volatile for all markets. There will be plenty of detailed analysis following up.
P.S. Do comment your agreeing TA or one with a difference of opinion!
2 variations for Wave 4 based on Elliott wave consolidation: 7200 (0.236 consolidation level) and 6450 (0.382). Personally I am more inclined towards 7200. Additional structural support levels are 7450 and 6700-6800.
This consolidation could take about 1-3 days. So during the weekend and based on volume, we can expect a slow buildup for wave 5.
>>If you liked this take on bitcoin, I would really appreciate a thumbs up or follow up for more.>>
It seems that especially this summer will be extremely volatile for all markets. There will be plenty of detailed analysis following up.
P.S. Do comment your agreeing TA or one with a difference of opinion!
Note
Bullish scenario option(RSI) Very though for it to break the hat, judging by the rsi on 3-8hr time frames. If it doesn't break the hat momentum could shift and a huge correction can occur.
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Note
An optional bullish triangle with a target of 9150 for all the hard bulls out there.Note
Current daily outlook.
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I am sorry to inform all the bulls. But someone called it. I called it even higher to their bullish wants (7200) instead of 6400.
Eaaassy moneey.
Note
One possible estimation for wave 5 (target 1x, 1.62, 2.62 x wave 1).
Note
Newest-Wave 5 update.
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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.