Welcome to our Elliott Wave Count for Bitcoin!
We have seen a decent reaction to the upside from our Wave 2 support area.
We did remove the bearish red Wave count even if it hasn't been strictly invalided yet but we think it keeps the chart cleaner. Additionally if we take the recent high at 115'686 USD we would have an overlap of red Wave 2 and 4 which would decrease the probabilities of the bearish count.
It appears that we held the Wave 2 support and got a decent reaction to the upside.
At the moment we are continue to see the price surge to the upside.
We did add some Elliott Wave counts displayed each in 5 Waves in turquoise, white and green to help keep track of the price development.
Additionally we added a provisional support area for Wave 4 of the white count.
It sits between the 0.5 FIB at 114'469 USD and the 0.236 FIB at 115'083 USD with the invalidation at the 0.618 FIB at 114'194 USD.
Be aware that the support area moves with the price surging.
Preferable we stay above that support area.
Thanks for reading.
We would appreciate a follow and boost if you like the analysis! :)
NO FINANCIAL ADVICE.
We have seen a decent reaction to the upside from our Wave 2 support area.
We did remove the bearish red Wave count even if it hasn't been strictly invalided yet but we think it keeps the chart cleaner. Additionally if we take the recent high at 115'686 USD we would have an overlap of red Wave 2 and 4 which would decrease the probabilities of the bearish count.
It appears that we held the Wave 2 support and got a decent reaction to the upside.
At the moment we are continue to see the price surge to the upside.
We did add some Elliott Wave counts displayed each in 5 Waves in turquoise, white and green to help keep track of the price development.
Additionally we added a provisional support area for Wave 4 of the white count.
It sits between the 0.5 FIB at 114'469 USD and the 0.236 FIB at 115'083 USD with the invalidation at the 0.618 FIB at 114'194 USD.
Be aware that the support area moves with the price surging.
Preferable we stay above that support area.
Thanks for reading.
We would appreciate a follow and boost if you like the analysis! :)
NO FINANCIAL ADVICE.
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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.