BITCOIN: 8 May, 2024
© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M
The broader context suggests that wave 4-red appears to have ended, allowing wave 5-red to unfold upwards.
The short-term outlook suggests that Bitcoin has just completed wave (i)-purple, and wave (ii)-purple is unfolding to push lower, targeting support around 60889-59844, before the third wave returns to begin its process. Pushing above the level of 67232.35 would further strengthen the medium-term bullish perspective, aiming for a target around 74000.00 - 78000.00.
Invalidation point: 56552.82
The broader context suggests that wave 4-red appears to have ended, allowing wave 5-red to unfold upwards.
The short-term outlook suggests that Bitcoin has just completed wave (i)-purple, and wave (ii)-purple is unfolding to push lower, targeting support around 60889-59844, before the third wave returns to begin its process. Pushing above the level of 67232.35 would further strengthen the medium-term bullish perspective, aiming for a target around 74000.00 - 78000.00.
Invalidation point: 56552.82
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