My analysis is mainly based on Elliott Wave´s Theory pursuant to which, after reaching its LOW back in November 2022 (at about $15,600) it neatly met each of the required targets for 12345 impulse.
In said impulse, most of us would agree that we would be riding the final tranche of a HUGE Wave 3.
Digging a bit more, there are basically 2 favored options:
Bullish option 1 states that Wave 3 has topped @ $73,700 and that we are now in the early stages of a (big) Wave 4 that could take us to the $50k area and as low as to $49,250.
Bullish option 2, that we are still riding Wave 3, more precisely, Wave (iii) of 3, and therefore, we would be printing an ABC correction (in wave (iv)) only to later sprint in a final wave (v) of 3.
Leaving those targets aside, and focusing on the immediate price action, I spot 3 arguments for a rebound @ $61,785 under the assumption that we are in the second option:
No.1- Said level, which reaches 0.786% of wave A, is a generally accepted target for ending an ABC.
No.2- Fixed volume profile shows a spike in said price area and could work as resistance.
No.3 - EMA 200 is met at almost exactly said level.
So $61,785 seems a high probability rebound zone.
Will bitcoin print a final wave (v) from there or continuing to fall?
One swing at a time... we´ll see...
Bye for now!
In said impulse, most of us would agree that we would be riding the final tranche of a HUGE Wave 3.
Digging a bit more, there are basically 2 favored options:
Bullish option 1 states that Wave 3 has topped @ $73,700 and that we are now in the early stages of a (big) Wave 4 that could take us to the $50k area and as low as to $49,250.
Bullish option 2, that we are still riding Wave 3, more precisely, Wave (iii) of 3, and therefore, we would be printing an ABC correction (in wave (iv)) only to later sprint in a final wave (v) of 3.
Leaving those targets aside, and focusing on the immediate price action, I spot 3 arguments for a rebound @ $61,785 under the assumption that we are in the second option:
No.1- Said level, which reaches 0.786% of wave A, is a generally accepted target for ending an ABC.
No.2- Fixed volume profile shows a spike in said price area and could work as resistance.
No.3 - EMA 200 is met at almost exactly said level.
So $61,785 seems a high probability rebound zone.
Will bitcoin print a final wave (v) from there or continuing to fall?
One swing at a time... we´ll see...
Bye for now!