Bitcoin BTC - Explosive breakout soon! | Wedge | Elliott Wave
- Bitcoin is still struggling to do an impulse wave with a gap. The rising wedge is close to a breakout, but be aware of a possible fakeout first.
- On the daily/4h chart, we have a total of 9 waves, which is really great at this point, because this indicates a motive/impulsive structure.
- Generally, 5,9,13,17,21 are motive/impulsive structures. On the other hand, 3, 7, 11, 15, 19 = corrective structures. Please keep that in mind!
- So if we drop even lower from this point, to 20k, for example, then we can count this 9-wave structure as an impulsive wave and we can expect much more later.
- As per my Elliott Wave analysis, the next wave to the upside should be a massive impulse wave that all bulls want to see.
- The rising wedge also looks a little bit like an ascending triangle, which is, of course, a very bullish pattern.
- Next stop 32,500 USDT. We can also wipe out all stop losses at this level before a possible consolidation.
- I expect tremendous gains for selected altcoins. You can find them in the related section down below.
- For more ideas, please hit "Like" and "Follow"!
Related publications
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.