Hello friends,
Welcome to RK_Chaarts
Today we're attempting to analyze Bitcoin's chart, specifically the BTCUSD chart, from an Elliott Wave perspective. Looking at the monthly timeframe chart, which spans the entire lifetime of Bitcoin's data since 2011, we can see the overall structure. According to Elliott Wave theory, it appears that a large Super Cycle degree Wave (I) has completed, followed by a correction in the form of Super Cycle degree Wave (II), marked in blue.
Now, friends, it's possible that we're unfolding Super Cycle degree Wave (III), which should have five sub-divisions - in red I, II, III, IV, & V. We can see that we've completed red I & II, and red III has just started. If the low we marked in red II doesn't get breached on the lower side, it can be considered our invalidation level.
Next, within red III, we should see five primary degree sub-divisions in black - ((1)), ((2)), ((3)), ((4)) & ((5)). We can see that we've completed black ((1)) & ((2)) and black ((3)) has just started. Within black ((3)), we should see five intermediate degree sub-divisions in blue - (1) to (5). Blue (1) has just started, and within blue one, we've already seen red 1 & 2 completed, and red 3 is in progress.
So, we're currently in a super bullish scenario, a third of a third of a third. Yes, the chart looks extremely bullish. We won't commit to any targets here as this is for educational purposes only. The analysis suggests potential targets could be very high, above $150,000 or $200,000, if the invalidation level of $98,240 isn't breached. But again, friends, this video is shared for educational purposes only.
Many people think that the market doesn't move according to Elliott Waves. But friends, here we've tried to analyze from the monthly time frame to the overly time frame. We've definitely aligned the multi-time frame and also aligned it with the principal rules of Elliott Waves, without violating any of its rules.
I agree that the Elliott Wave theory can be a bit difficult, and for those who don't practice it deeply, it can be challenging. But yes, the market moves according to this methodology, following this pattern. This is a significant achievement.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Chaarts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Chaarts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Welcome to RK_Chaarts
Today we're attempting to analyze Bitcoin's chart, specifically the BTCUSD chart, from an Elliott Wave perspective. Looking at the monthly timeframe chart, which spans the entire lifetime of Bitcoin's data since 2011, we can see the overall structure. According to Elliott Wave theory, it appears that a large Super Cycle degree Wave (I) has completed, followed by a correction in the form of Super Cycle degree Wave (II), marked in blue.
Now, friends, it's possible that we're unfolding Super Cycle degree Wave (III), which should have five sub-divisions - in red I, II, III, IV, & V. We can see that we've completed red I & II, and red III has just started. If the low we marked in red II doesn't get breached on the lower side, it can be considered our invalidation level.
Next, within red III, we should see five primary degree sub-divisions in black - ((1)), ((2)), ((3)), ((4)) & ((5)). We can see that we've completed black ((1)) & ((2)) and black ((3)) has just started. Within black ((3)), we should see five intermediate degree sub-divisions in blue - (1) to (5). Blue (1) has just started, and within blue one, we've already seen red 1 & 2 completed, and red 3 is in progress.
So, we're currently in a super bullish scenario, a third of a third of a third. Yes, the chart looks extremely bullish. We won't commit to any targets here as this is for educational purposes only. The analysis suggests potential targets could be very high, above $150,000 or $200,000, if the invalidation level of $98,240 isn't breached. But again, friends, this video is shared for educational purposes only.
Many people think that the market doesn't move according to Elliott Waves. But friends, here we've tried to analyze from the monthly time frame to the overly time frame. We've definitely aligned the multi-time frame and also aligned it with the principal rules of Elliott Waves, without violating any of its rules.
I agree that the Elliott Wave theory can be a bit difficult, and for those who don't practice it deeply, it can be challenging. But yes, the market moves according to this methodology, following this pattern. This is a significant achievement.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Chaarts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Chaarts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
YouTube: youtube.com/@rk_charts
Telegram : t.me/RK_Charts
Twitter : @charts_rk
Email : rkcharts@gmail. com
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Telegram : t.me/RK_Charts
Twitter : @charts_rk
Email : rkcharts@gmail. com
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
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.
YouTube: youtube.com/@rk_charts
Telegram : t.me/RK_Charts
Twitter : @charts_rk
Email : rkcharts@gmail. com
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Telegram : t.me/RK_Charts
Twitter : @charts_rk
Email : rkcharts@gmail. com
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
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.