Because of Friday’s sharp sell-off, we now consider it to be 45% likely that Bitcoin will reach our turquoise Target Zone between $40 323 and $35 374, after all, to establish the low of wave alt. (iv) in turquoise. For this alternative scenario, the support at $41 445 acts as a validation mark, which means that if the price slips significantly below this mark, we would make this scenario the new primary expectation. In this case, the Target Zone described can be used to build up (further long) positions. However, the price remains above the support level of $41 445 – and our primary expectation remains unchanged. In this scenario, we see Bitcoin imminently generating momentum to the upside again to drive the wave (v) in turquoise – which is already underway in this scenario - further north and thus ultimately bring the higher-level wave 3 in green to a close.
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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.