2020-11-10 13:41 |
The Bitcoin (BTC) price is nearing the top of a bullish impulse that has been transpiring since the beginning of March.
Technical indicators suggest that BTC may make at least one more upward move to complete the pattern before reaching a top.
Long-Term Bitcoin Wave CountThe Bitcoin price has been rapidly increasing in what looks to be a bullish impulse (shown in white below) since the beginning of March. If this pattern is correct, then BTC is likely in the fifth-and-final wave of this move.
The most likely target for wave 5 to end would be near $17,000, a target found using the 3.61 Fib extension of wave 1 and 2.61 external retracement of wave 4. This target also coincides with the 0.85 Fib retracement (black) of the entire downward move from the December 2017 all-time high price.
BTC Chart By TradingView Inside the Fifth WaveA closer look at the aforementioned fifth wave shows that the price could already be in the fifth-and-final sub-wave (orange). Projecting the length of waves 1-3 gives us a target of $17,214, fitting perfectly with that given by the longer-term count.
A decrease below the bottom of wave 4 at $13,187 would invalidate this particular wave count.
BTC Chart By TradingView Short-Term MovementCryptocurrency trader @CryptoTony_ outlined a potential wave count for BTC that shows the price trading inside a symmetrical triangle in order to complete the current minor sub-wave 4.
A breakout prediction is also outlined forecasting an end to the pattern near $17,000.
Source: TwitterThe minor sub-wave count (blue) for the aforementioned sub-wave 5 also suggests that the price is nearing the end of the movement, giving us a similar target near $17,116.
However, instead of a triangle correction, it appears that BTC has already completed minor sub-wave 4 by reaching a low of $14,439 on Nov 7. The low also served to validate a resistance line from a parallel channel in what is known as a fourth wave pullback.
Therefore, it is more likely that the price has already completed its correction rather than still trading inside a triangle.
BTC Chart By TradingView ConclusionWhile Bitcoin seems to be nearing the end of its upward move, several Fib confluence levels indicate that the price is more likely to reach a high near $17,100 before eventually decreasing.
For BeInCrypto’s latest Bitcoin analysis, click here!
Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
The post Bitcoin Wave Count Suggest One Final Upward Move appeared first on BeInCrypto.
Similar to Notcoin - Blum - Airdrops In 2024
Bitcoin (BTC) на Currencies.ru
|
