In my previous breakdown of Bitcoin's chart, I described a very simple approach where i identified significant support and resistance levels for Bitcoin.
- For this chart, I have meticulously counted all significant elliott waves for Bitcoin. - You can click around, zoom in and out to see the specific wave counts I made for the past price action as well. - We have currently completed the first wave of the final 5th cycle wave. - The correction that is taking place could be seen as the second corrective wave. - While most people have their eyes on 53k, I think there's untapped supply below 53k. - If we see Bitcoin break and close above $60-61k on the daily, the most probable case would be Bitcoin retesting the 63.6k resistance. - Breaking through 63.6k would indicate that Bitcoin could resume to the uptrend immediately. - However, we have broken down the $60-61k range, and attempted to break above it multiple times. - The chart suggests that this short term upward move not only lacks momentum, but is also considered a mere pullback before a potential leg down. - The key area of support that I consider to be important is 51.4k.
Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.