It’s been a few weeks since I last wrote an update on Bitcoin (BTC), however, the action worthwhile since then (August 11, see here) has been a bit difficult to interpret because the markets, which add cryptocurrencies like BTC, go from “clear” to “less clear” and return to “clear” constantly. In other words, no one has all the right answers all the time.
At the time, BTC was trading at $46,500 and has remained below the $50,000 hotspot ever since, as it is now trading at $49,500, that’s up 6%, and my initial assessment of a wave 1 peak at the time was incorrect. With 3 weeks of additional knowledge available, a clearer picture emerges: either the expected 2d wave has been delayed and is still going down soon, or BTC would possibly not look back and temporarily recover to $60,000 first as a well prevention at $90,000. 1 low. Let me explain.
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Figure 1: Daily Bitcoin charts with detailed EWP account and technical indicators.
For the more than 3 weeks, the value stock has put Bitcoin in a “pay me now or pay me later” position. Either it installs as a nested configuration, in terms of the Elliott Wave Principle (EWP) (Figure 1A), or it reaches its climax (Figure 1B). The difference between the two features is simple: break above the top of mid-August ($50,514, classified as (gray) minute wave-i in Figure 1A) then wave-iii of (green) 3 of (red) iii, etc. is in the process of reaching $60,000.
Conversely, a breakdown below recent lows at around $46245 (roughly equivalent to the undeniable 200-day moving average), with full confirmation below $43840, means (green) that the c wave of up to $40-44K is underway to complete the (red)-ii wave From there, BTC can start its rally at $90,000. So, thanks to the EWP, we now have undeniable if/then scenarios with related degrees of value to know which of the two will be. Trade, in my humble opinion, is not much easier than that.
Bottom line: BTC wasn’t yet in a position to ride 3 weeks ago and scored a few more waves that have now allowed it to prepare for a direct break above $50514 to $90,000 with an initial prevention of around $60,000. fall below the expired and mid-August lows to aim for $42,000/-$2,000 first before preparing for a $90,000 rally. We deserve to know this soon enough, and my premium crypto trading members, as well as those who subscribe to my automated crypto trading alerts system, are in a position anyway.
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