On it's way to C(6650). This support might hold, in which case we might have a breakout on D. That will start the wave 5. Other potential supports for BTC are 6500 and 6430.
If it doesn't hold above these supports tomorrow, by extension this will lead up to 5950. However by the current structure. This is highly unlikely.
It's quite an obvious analysis at this point, it's just a short update. The long time frame analysis is in the Related ideas.
>>If you liked this Elliott wave take on bitcoin , give it a thumbs up and follow for more. It seems that the summer will be extremely volatile for all markets. There will be plenty of detailed analysis following up.>>
Comentarios
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Currently very low volume, which might be an indicator for a potential downside to (C):6500-6650.
Operación cerrada manualmente
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WAVE 3 is still alive. Bullish breakout on the symmetrical triangle from the update above means targets of 8000/8450 are still in play. It's as bullish as it gets. Good job bitcoin, squeezing in all the shorts.
I strongly believe that We will get at least one more time to buy bitcoin below $5000 before the next bull season! Let's see how it goes!
step_ahead_ofthemarket
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@CryptoEngineering, I definitely agree. 5000-5150 Is currently one of the strongest supports for an ABC bottom.
ssari
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step_ahead_ofthemarket
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@ssari, .
Well either way, the structure got broken, that in my opinion is quite unhealthy for bitcoin. Currently there is an bearish wedge with low volume. Let's see where it leads