Bitcoin on a weekly timeframe is bullish
From an Elliott Wave Theory perspective, #bitcoin is currently ending a corrective wave 4.
Duration is now identical to that of prior Wave 2 so we are fine in that regard.
In terms of structure, this correction is complex, alterning with Wave 2´s standard ABC correction.
We could either be in a Flat ABC or in a WXY zig zag, this is not yet defined.
In any case it looks as if this correction is either finished or soon to be.
Momentum is still downwards and buyer have not showed up. So further downward pressure could still push the price a bit more.
Expected target for ending this Wave 4 is the purple rectangle: somewhere between $49,360 and the already reached $53,500 level.
Unless we see a flash reversal, the $50,000-51,000 level (where prior support sits) would not be surprising.
And from there... up
Enjoy the ride!
Duration is now identical to that of prior Wave 2 so we are fine in that regard.
In terms of structure, this correction is complex, alterning with Wave 2´s standard ABC correction.
We could either be in a Flat ABC or in a WXY zig zag, this is not yet defined.
In any case it looks as if this correction is either finished or soon to be.
Momentum is still downwards and buyer have not showed up. So further downward pressure could still push the price a bit more.
Expected target for ending this Wave 4 is the purple rectangle: somewhere between $49,360 and the already reached $53,500 level.
Unless we see a flash reversal, the $50,000-51,000 level (where prior support sits) would not be surprising.
And from there... up
Enjoy the ride!
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