Bitcoin Wave Count Suggests a Top on the Horizon

2021-1-8 15:20

Bitcoin (BTC) has been increasing significantly since the beginning of September.

While it seems certain that Bitcoin is nearing the top of its upward movement, the lower time-frame count is not clear. This provides some uncertainty in regards to the length and depth of a potential correction.

  Bullish Bitcoin Scenario

Due to the shape of the price movement, what seems certain is that BTC is in cycle wave 3 (shown in red below). It completed cycle waves 1-2 after the $3,122 low in December 2018 and began cycle wave 3 in March 2020.

If correct, BTC is in wave 5 (white) of this cycle wave. A likely target for the top of the move is found between $40,602-$44,127. The targets are found as follows:

$40,602 – 1.61 Projection of waves 1-3 (black) $42,060 – 3.61 Fib extension of cycle wave 1 (red) $44,127 – 4.61 Fib extension of wave 1 (white)

Comparing the time it took to complete cycle wave 1 we can make the assumption that the top is likely to be reached around Jan. 19. This would mean that cycle wave 3 took 1.61 times the time it took to complete cycle wave 1.

The only issue with this count seems to be the relatively small waves 2 and 4 (white). However, there is sufficient alternation between them for this to be a valid count.

BTC Chart By TradingView

The sub-wave count for wave 5 is shown in orange indicates that BTC is in sub-wave 5.

The target found using sub-waves is $46,384.

BTC Chart By TradingView Even More Bullish Scenario

Cryptocurrency trader @TheTradingHubb outlined two possible BTC counts, one bullish and the other even more bullish.

BeInCrypto outlined the first option above, while the second is shown in the image below.

Source: Twitter

The difference between these counts is that this one has BTC being in wave 3 of cycle wave 3, instead of wave 5 of cycle wave 3.

In this case, the ensuing correction would likely be smaller before BTC makes another high above $50,000. Afterwards, the end result would be that cycle wave 5 could go much higher.

What does not look right in this count is the massive discrepancy in magnitude between waves 1 and 3. Furthermore, the longer the current upward move continues without a significant correction, the less likely this count becomes.

BTC Chart By TradingView

In any case, the sub-wave count also suggests that BTC is nearing a top, which would likely contain a smaller correction than the previous count.

BTC Chart By TradingView Short-Term BTC Movement

Lower time-frames also show that BTC is in minor sub-wave 5 (black) of sub-wave 5, supporting the possibility that BTC is approaching a top.

BTC Chart By TradingView

An even closer look at the movement shows that resembles a fourth wave triangle. In this case, once the low of $38,212 is taken out, it could act as confirmation that the correction has begun.

BTC Chart By TradingView Conclusion

The Bitcoin price is expected to reach a top between the current price and $44,127-$46,384 before beginning a significant correction.

While BTC is almost certainly in a long-term cycle wave 3, the shorter-term count is not yet confirmed.

For BeInCrypto’s latest Bitcoin (BTC) 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 Suggests a Top on the Horizon appeared first on BeInCrypto.

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bitcoin count clear provides uncertainty depth potential

Источник: beincrypto.com

bitcoin count → Результатов: 126


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