🔥 Bitcoin Elliot Wave Pattern: Corrective Wave - Update
Updated
A couple of weeks ago I made an analysis of the possible movement of Bitcoin in the coming weeks. This post is an update on that earlier post. Old post:
It appears that my A-wave prediction was correct. The price reversed sharply from the 47k support, all the way to 59k. In my first analysis I argued that the corrective B wave would most likely end around 55k, but it appeared that there was still some buying power left.
Looking at the chart, I think the next massive area of support is going to be the 42k range, around the area of the first impulse wave (point 1 on the chart). Potentially, we could see a prolonged period of consolidation after hitting the 42k area. This period of consolidation would give some room for alts to regain their strength.
On the other hand, market capitulation would be another option, potentially falling towards the 30k area. However, this is highly unlikely since it would need some kind of bearish macro-economic event to trigger such a sell-off.
In the post above I made an analysis of the macro trend of BTC, 10 years total. It appears that, for now, this prediction hold and 65k is the top for now. It would need a serious bearish move to fall back towards the logarithmic support line on that chart, but it remains a long-term possibility nevertheless.
For now, be prepared for a bit more bearish price action of BTC, since it could fall another few percent towards 40k. The 42k area is incredibly important, and *should* trigger a bounce of BTC towards the 50k area. This bounce will, in turn, lead to some great potential gains for alts in the near future.
Happy trading!
It appears that my A-wave prediction was correct. The price reversed sharply from the 47k support, all the way to 59k. In my first analysis I argued that the corrective B wave would most likely end around 55k, but it appeared that there was still some buying power left.
Looking at the chart, I think the next massive area of support is going to be the 42k range, around the area of the first impulse wave (point 1 on the chart). Potentially, we could see a prolonged period of consolidation after hitting the 42k area. This period of consolidation would give some room for alts to regain their strength.
On the other hand, market capitulation would be another option, potentially falling towards the 30k area. However, this is highly unlikely since it would need some kind of bearish macro-economic event to trigger such a sell-off.
In the post above I made an analysis of the macro trend of BTC, 10 years total. It appears that, for now, this prediction hold and 65k is the top for now. It would need a serious bearish move to fall back towards the logarithmic support line on that chart, but it remains a long-term possibility nevertheless.
For now, be prepared for a bit more bearish price action of BTC, since it could fall another few percent towards 40k. The 42k area is incredibly important, and *should* trigger a bounce of BTC towards the 50k area. This bounce will, in turn, lead to some great potential gains for alts in the near future.
Happy trading!
Note
46k resistance holding. Going down for a potential retest of 42k, even 40k if support fails.Note
42k support fell, BTC touched 38.5k. BTC not showing signs of bullish reversal, yet. Alts are currently seeing a lot of bullish inflows, which might cause a bullish reversal of BTC.Coming hours going to be important: can BTC break the 40k resistance or not?
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