BTC - 1H Elliott Wave AnalysisGreetings, this is the immediate bullish Elliott Wave Count for BTC. I also did a 4H count which takes a deeper retracement into consideration which will be linked below in the notes. I'll like it below in the notes for everybody that is interested it in :) Spoiler: This Analysis gets a bit more complex.
In the immediate bullish count we assume that Bitcoin is forming a double 1-2 set up which should lead to a rather aggressive Wave 3 to the upside. From the low which formed the blue Wave 4 we have a five wave move up displayed in purple which finished white Wave 1. We also formed white Wave 2 already which is a very shallow Wave 2 but it hit the minimum requirements of the 0.236 FIB at 98031.9 USD which is very rare and not preferred but valid.
From here we have started white Wave 3 of which we finished the first Wave displayed as the green Wave 1 here and we are currently working on the green Wave 2 in the yellow ABC.
Green Wave 2 support sits between the 0.5 FIB at 101538.8 USD and the 0.786 FIB at 99110.5 USD.
Yellow Wave A seems to be in as well as yellow Wave B which could extend tho.
Assuming yellow Wave B is in we can calculate targets for yellow Wave C which are very well in confluence with our green Wave 2 support.
Targets for yellow Wave C are the 1 to 1 FIB at 101420.9 USD, the 1.236 FIB at 100585.2 USD, the 1.382 FIB at 100068.2 USD and the 1.618 FIB at 99232.4 USD.
Noteworthy is that all targets for yellow Wave C overlap with the Fibonacci's of green Wave 2 support area.
Additionally the 1.618 FIB target at 99232.4 USD of yellow Wave C which overlaps with the 0.786 FIB of the green Wave 2 support area at 99110.5 USD also overlap with the 0.382 FIB at 99337.8 USD of our Wave 2 support area of the "BTC - 4H Elliott Wave Analysis" which focusses on a deeper retracement which I'll link below in the notes. The golden pocket of green Wave 2 also sits perfectly on 100'000 USD which is an important psychological level.
The green & white Wave 3 should take us well above the last ATH at 108366.8 USD.
On the chart you can see some targets for white Wave 3 which are the 1 to 1 FIB at 109234.6 USD, the 1.236 FIB at 112.052.7 USD, the 1.382 FIB at 113796.1 USD and the 1.618 FIB at 116614.1 USD.
Noteworthy is that the 1 to 1 FIB target at 109234.6 USD is right above the ATH at 108366.8 USD which could function as a short term resistance, so be aware of volatility!
Additionally we got some confluence for the 1.618 FIB target at 116614.1 USD with a high timeframe target at 115948.9 USD which I discussed in my "BTC - 1D Elliott Wave Analysis" which I'll link below in the comments.
Be aware that we get the inauguration of Trump next week and the stock market is closed on Monday which both can have some effect on Crypto.
If you enjoyed this analysis I'd appreciate if you give it a boost as I put a lot of effort into it :)
Thanks for reading.
NO FINANCIAL ADVICE.