Bitcoin Elliott Wave Analysis: Close to Ending 5 Waves
Hello Trades,
Today we will have a look at bitcoin in the 1-hour timeframe.
Short-term Elliott wave analysis suggests that the decline to $6072 low ended red wave 2 pullback. The internals of that pullback unfolded as Elliott wave Flat correction where black wave ((a)) ended in 3 swings at $6445.31 low. Black wave ((b)) bounce ended in 3 swings at $6820 high and black wave ((c)) ended in 5 waves structure at $6072 low.
Above from there, the Bitcoin’s rally to $7696.88 high it completed red wave 3. The internals of that rally higher unfolded as Elliott wave impulse structure where black wave ((i)) ended in 5 waves at $6337.25, black wave ((ii)) ended at $6121.01, black wave ((iii)) ended in 5 waves at $7599.98, black wave ((iv)) ended at $7338.91 and black wave ((v)) of red 3 ended at $7696.88 high. Down from there, the pullback to 7253.21 low ended red wave 4.
The rally higher in red wave 5 is nesting higher as impulse structure looking to extend higher 1 more time approximately towards $8678.62 0.764% Fibonacci extension area of red 1+3 to end the red wave 5. The move higher should also complete cycle from 6/29 low in blue wave (A) of a possible Zigzag structure. Afterwards, the instrument is expected to do a pullback in blue wave (B) in 3, 7 or 11 swings to correct cycle from 6/29 low before another extension higher in blue wave (C) is seen. We don’t like selling it.
Today we will have a look at bitcoin in the 1-hour timeframe.
Short-term Elliott wave analysis suggests that the decline to $6072 low ended red wave 2 pullback. The internals of that pullback unfolded as Elliott wave Flat correction where black wave ((a)) ended in 3 swings at $6445.31 low. Black wave ((b)) bounce ended in 3 swings at $6820 high and black wave ((c)) ended in 5 waves structure at $6072 low.
Above from there, the Bitcoin’s rally to $7696.88 high it completed red wave 3. The internals of that rally higher unfolded as Elliott wave impulse structure where black wave ((i)) ended in 5 waves at $6337.25, black wave ((ii)) ended at $6121.01, black wave ((iii)) ended in 5 waves at $7599.98, black wave ((iv)) ended at $7338.91 and black wave ((v)) of red 3 ended at $7696.88 high. Down from there, the pullback to 7253.21 low ended red wave 4.
The rally higher in red wave 5 is nesting higher as impulse structure looking to extend higher 1 more time approximately towards $8678.62 0.764% Fibonacci extension area of red 1+3 to end the red wave 5. The move higher should also complete cycle from 6/29 low in blue wave (A) of a possible Zigzag structure. Afterwards, the instrument is expected to do a pullback in blue wave (B) in 3, 7 or 11 swings to correct cycle from 6/29 low before another extension higher in blue wave (C) is seen. We don’t like selling it.
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14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
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.