CandleSmithChartsman

CandleSmithChartsman

Summary: The updated BTC/USD 4-hour chart highlights a crucial juncture as Bitcoin approaches $105,000, a major resistance level. Momentum indicators and price action suggest the market is at a decision point, where a breakout or pullback will determine the next direction. Let’s dive into the details: Key Observations: Bitcoin is testing a significant...

CandleSmithChartsman

Elliott Wave Analysis: The chart shows a Elliott Wave count, maintaining the ascending channel structure. Here's the detailed interpretation: Wave 1 (W1): The initial impulsive move upward, establishing the bullish trend. This wave sets the foundation for the larger five-wave structure. Wave 2 (W2): A corrective wave, retracing part of Wave 1. The retracement...

CandleSmithChartsman

The PA of CRYPTOCAP:BTC looks to be following a similar trend as it did prior to the increase to a new ATH. If Wave 3 follows the 3x increase Wave 2, the upside is massive (180,000 - 200,000).

CandleSmithChartsman

The rest of 2024 looks to be bearish for the crypto market. Keeping a close eye on the 0.786 Fib retracement (3.07TUSD). This level is the neckline of a larger H&S formation on the 4h chart. If the level holds, we are looking at a double bottom and bullish price action should follow. If the price breaks and falls, there is potential for a 15% - 30% further...

CandleSmithChartsman

Short term price action - Another push toward $100k could materialize if we bounce.

CandleSmithChartsman

Some conservative price considerations breaking out from the handle.