Bitcoin: Five Waves Up – Going Higher?


(BTC) made an almost picture-perfect Fibonacci-based impulse pattern, from last week’s low where grey waves I, iv, and v topped and bottomed almost precisely where they ideally should (green boxes). See Figure 1 below.

Grey wave-v of green W-1/a should now be underway as it has reached the 176.40-200.0% extension and note grey W-i comprised five (orange) waves as well. This is the first time we have seen it this good and evident in a while.

So, green W-1/a is most likely topping, and green W-2/b to ideally $25600-26200 should soon be underway, and then the next rally should target at least $28000 but preferably $29500+ for green W-3/c. Thus, a low-risk/high-reward setup (green W-2/b) is in play, because BTC must hold last week’s low at $24758 to allow for this path to unfold.

Figure 1:

BTC/USD Daily Chart

Bigger picture-wise, the larger (black) b-wave we have been tracking –see Figure 2 in our – has likely bottomed, and a C-wave rally to $36-48K, with $42K as the optimal middle, should be underway, with the only caveat that this is a smaller counter-trend (a-b-c) bounce staying below the April high.

Hence, why we project an initial upside potential of $28-29.5K. From the EWP we know, C-waves comprise five waves. In this case, W-i, ii, iii, iv, and v. Thus, if we see five green waves up from last week’s low development to ideally around $30500 over the next few days to weeks, then we know those five are only W-i of W-c of W-B. For now, and at this stage we take it step by step and focus on green W-2/b and 3/c.

Once complete, we will monitor for the potential, albeit highly likely, W-4 and W-5.

Original Post

Articles You May Like

Rates Spark: Markets Are Cutting Rates
I’m 53 and hate my job. My husband, 59, and I have two homes, plus $1 million in savings. Can we afford to retire?
Vice President Kamala Harris says ‘too many innocent Palestinians have been killed’
What to Expect from the Magnificent Seven Stocks in 2024
The Truth About Day Trading In 2023

Leave a Reply

Your email address will not be published. Required fields are marked *