Bitcoin: Elliott Wave Analysis

-

 Bitcoin daily chart


As shown in the above chart, Bitcoin is moving in a range of $65000-$35000 levels and it seems that prices will continue to move in this range once the lower extreme of the range is tested.

To understand it more precisely, it is better to know where the support and resistance levels are placed. Currently, prices are hovering near crucial support of $40000 levels (shaded area). As far as this level is intact there is a limited downside. However, decisive break of the above mentioned level will plunge price towards $35000 over short term.

From Waves perspective, prices are moving in a irregular flat pattern but with slight complication. So this cannot be a irregular flat pattern as I can see only (3-3-3) so I will open running triangle as my other favorable probability. If triangle is not formed I will sum up with (w-x-y). I will monitor the counts and will keep you all posted. Also the final outcome after the pattern is complete will lead Bitcoin to new highs minimum $75000.

The summation is Bitcoin is firmly positive as it can soar till $75000 over medium term but will consume time.

Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more