Bitcoin - where are we going next?

17 Ağu 2021

Using Elliot wave count, We are probably put the top of wave 5 at 48.2k ever since we pump from 29k level. Now we are in a small ABC correction. I think this will be a flat correction with 3-3-3 or 3-3-5 formations. Considering the pattern, we seems to be in a broadening wedge. We will pump up and down at 45k to 48k level since we are in a flat ABC correction. The last wave (either a 3 or a 5 wave down) might bring us to lower than 45k level and might even force us to break the major support trend, causing a longer and bigger consolidation level to the 39 to 40k. Hopefully we can defend the major support line

As of right now, we seems to bottom out the B wave of the second wave with a bullish divergence as shown in the 1H chart. We might see a rise toward the 47k level soon