Bitcoin with a Wave 4 in process. Target $39.750-$36.862
As per Elliott´s Wave theory, #Bitcoin´s rally is a clear Wave 3 which might have topped at $49.105 (where it found prior 2021 resistance zone).
The Daily EMA55 has been holding back the necessary correction (oxygen after a 98.76% rally measured from Aug 14, 2023). Until now...
Although the current wave is barely Wave A out of ABC (Wave 4) we would be headed towards the $39.750-$36.862 price range target area.
Short daily, Short 4hourly and 1 hourly.
Long weekly.
Wave 5 would take us towards 60k and beyond.
Last purchase opportunity?
Not really, shorts should exit at the defined target area (which is also close to bitcoin´s mining cost -$36.500), we would then have an upwards wave B (this will confuse shorts) and finally make one more wave downwards: Wave C.
We will follow up on this once Wave A is finished.
The Daily EMA55 has been holding back the necessary correction (oxygen after a 98.76% rally measured from Aug 14, 2023). Until now...
Although the current wave is barely Wave A out of ABC (Wave 4) we would be headed towards the $39.750-$36.862 price range target area.
Short daily, Short 4hourly and 1 hourly.
Long weekly.
Wave 5 would take us towards 60k and beyond.
Last purchase opportunity?
Not really, shorts should exit at the defined target area (which is also close to bitcoin´s mining cost -$36.500), we would then have an upwards wave B (this will confuse shorts) and finally make one more wave downwards: Wave C.
We will follow up on this once Wave A is finished.
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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.