The bulls deliver one high after the other. After reaching our wave (iii) in Blue target, the market undergoes the planned correction of wave (iv) in Blue. This correction is promptly followed by another high, and the bulls are just short of propelling Bitcoin to new all-time highs. But just like in the 2017 heydays, the market needs a large corrective wave to rise in a sustainable manner. After the top, as indicated on the chart, we expect a big corrective wave to levels of $10000. The target for wave 1 is set at $22000. However, given the current rise, the bulls could easily bring about further escalations to northern territories.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
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.