Welcome back to another Elliott Wave Analysis for Bitcoin! :)
In this analysis we want to focus on the short term. We have been in a correction displayed as pink ABC and it seems that this correction is coming or has come to an end in the pink Wave C.
It is hard to say if the pink Wave C has finished yet. The last low at 111'850 USD is the 1 to 1 ratio of the pink Wave A to the pink Wave C which is a common target for Wave C.
Looking at the sub-count in white we think another low in white Wave 5 would look cleaner but it is not given to happen.
For now we added the white Wave 4 resistance of which we touched the 0.5 FIB retracement at 115'830 USD which is a rather deep but valid Wave 4. We also added the 0.618 FIB at 116'213 USD which would be the invalidation for the white Wave 4. If we hit it the probabilities shift to the case that the low at 111'850 USD is already the end of pink Wave C.
If we get white Wave 5 the first target would be at the 1 to 1 FIB at 111'319 USD which is right below the last ATH of which we bounced recently but that seems a bit shallow.
The next target would be at around 109'700 USD where we got some confluence between the 1.38 FIB target for white Wave 5 measured with the white Wave 1 as well as the 1.618 FIB target if we measure of the white Wave 4. It is also close to the 0.5 FIB of a bigger support area.
Be aware that the bigger support area below goes down to 103'000 USD which is the 0.786 FIB of the support area.
Due it looking likely that pink Wave C is finished we also added the support area for the potential Wave 2 in the bullish scenario.
It is between the 0.5 FIB at 113'640 USD and the 0.786 FIB at 112'616 USD. From this area we would like to see a bounce if the low is already in.
Thanks for reading.
We would appreciate a follow and boost if you like the analysis! :)
NO FINANCIAL ADVICE.
In this analysis we want to focus on the short term. We have been in a correction displayed as pink ABC and it seems that this correction is coming or has come to an end in the pink Wave C.
It is hard to say if the pink Wave C has finished yet. The last low at 111'850 USD is the 1 to 1 ratio of the pink Wave A to the pink Wave C which is a common target for Wave C.
Looking at the sub-count in white we think another low in white Wave 5 would look cleaner but it is not given to happen.
For now we added the white Wave 4 resistance of which we touched the 0.5 FIB retracement at 115'830 USD which is a rather deep but valid Wave 4. We also added the 0.618 FIB at 116'213 USD which would be the invalidation for the white Wave 4. If we hit it the probabilities shift to the case that the low at 111'850 USD is already the end of pink Wave C.
If we get white Wave 5 the first target would be at the 1 to 1 FIB at 111'319 USD which is right below the last ATH of which we bounced recently but that seems a bit shallow.
The next target would be at around 109'700 USD where we got some confluence between the 1.38 FIB target for white Wave 5 measured with the white Wave 1 as well as the 1.618 FIB target if we measure of the white Wave 4. It is also close to the 0.5 FIB of a bigger support area.
Be aware that the bigger support area below goes down to 103'000 USD which is the 0.786 FIB of the support area.
Due it looking likely that pink Wave C is finished we also added the support area for the potential Wave 2 in the bullish scenario.
It is between the 0.5 FIB at 113'640 USD and the 0.786 FIB at 112'616 USD. From this area we would like to see a bounce if the low is already in.
Thanks for reading.
We would appreciate a follow and boost if you like the analysis! :)
NO FINANCIAL ADVICE.
Note
We have entered the Wave 2 support now and tested the 0.786 FIB of it at 112'616 USD.To keep the bullish count alive we would need to see a bounce very soon.
Touching the 0.886 FIB at112'258 USD indicates that we are in the white Wave 5 and going for another low.
On the lower timeframes price looks rather weak at the moment.
Note
Next Analysis which is also the update of this Analysis:
Trade active
We've entered the Wave 2 support area.Trade closed: target reached
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.
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.