BTCUSD correcting as expected. In the next couple of hours, the price will reach a region of $45'000 and will find strong support. In the past weeks, there was a wedging consolidation, which connected two major waves - wave 4 with wave 5. I think wave 5 by Elliot Wave Theory started and there is a huge probability for a strong quarter and reaching levels even above $100'000.In short term coming uptrend is confirmed by:
- On 1-hour time frame correction is Zig-Zag
- Dynamic support trendline on 1 hour TF
- Tests of previous swing highs
- Confirmed price action from daily & weekly
If you have any questions related to this trading idea I will be happy to provide you with answers.
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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.