BITCOIN Mega Bull Run?!
📈 BTC/USDT Elliott Wave Analysis 📈
🚀 BTC appears to have completed a corrective ABCDE structure within a descending channel, and it has since broken out, establishing a new impulsive trend. This suggests a bullish outlook and an extended Wave 3 formation in progress.
🔍 Wave Analysis:
🔸 ABCDE Pattern Completion: The previous downtrend ended with a clear ABCDE pattern, potentially part of a larger complex correction like WXYXZ. This was followed by a breakout, marking the end of the corrective phase and the start of a new bullish impulse wave.
🔸 Wave 1 and Wave 2: After the breakout, BTC completed Wave 1 upwards, with Wave 2 retracing back to test the breakout level. This pullback aligned with the 0.5 Fibonacci level, creating a confluence zone and confirming strong support.
🔸 Wave 3: The current Wave 3 appears to be an extended wave, signaling a strong bullish trend. This extended wave often includes five smaller sub-waves within it, targeting higher Fibonacci extensions. Based on historical patterns, the initial target for Wave 3 aligns with the 2.618 Fibonacci extension, with a secondary, more ambitious target around 3.618 if the trend remains strong.
🎯 Target Levels:
📌 Blue Wave 3 Target 1: Around $97,645 – This is the first target within the smaller structure of the current extended wave.
📌 White Wave 3 Target 1: Around $102,731 – A significant level, representing a larger Wave 3 target.
📌 Wave 5 Target 1 and Target 2: Final targets for the overall wave structure at $112,903 and $119,420 respectively, which may be reached if the bullish momentum continues through to Wave 5.
📊 Conclusion:
💹 The extended Wave 3 suggests a strong bullish trend, with targets extending as high as $119,420 in Wave 5. Keep an eye on the volume and momentum 📈 as BTC progresses through these key levels.
⚠️Disclaimer:⚠️
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital
🚀 BTC appears to have completed a corrective ABCDE structure within a descending channel, and it has since broken out, establishing a new impulsive trend. This suggests a bullish outlook and an extended Wave 3 formation in progress.
🔍 Wave Analysis:
🔸 ABCDE Pattern Completion: The previous downtrend ended with a clear ABCDE pattern, potentially part of a larger complex correction like WXYXZ. This was followed by a breakout, marking the end of the corrective phase and the start of a new bullish impulse wave.
🔸 Wave 1 and Wave 2: After the breakout, BTC completed Wave 1 upwards, with Wave 2 retracing back to test the breakout level. This pullback aligned with the 0.5 Fibonacci level, creating a confluence zone and confirming strong support.
🔸 Wave 3: The current Wave 3 appears to be an extended wave, signaling a strong bullish trend. This extended wave often includes five smaller sub-waves within it, targeting higher Fibonacci extensions. Based on historical patterns, the initial target for Wave 3 aligns with the 2.618 Fibonacci extension, with a secondary, more ambitious target around 3.618 if the trend remains strong.
🎯 Target Levels:
📌 Blue Wave 3 Target 1: Around $97,645 – This is the first target within the smaller structure of the current extended wave.
📌 White Wave 3 Target 1: Around $102,731 – A significant level, representing a larger Wave 3 target.
📌 Wave 5 Target 1 and Target 2: Final targets for the overall wave structure at $112,903 and $119,420 respectively, which may be reached if the bullish momentum continues through to Wave 5.
📊 Conclusion:
💹 The extended Wave 3 suggests a strong bullish trend, with targets extending as high as $119,420 in Wave 5. Keep an eye on the volume and momentum 📈 as BTC progresses through these key levels.
⚠️Disclaimer:⚠️
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital
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.