It is the general consensus of Bitcoin traders that the USD $48000 price level represents a major zone of resistance for further gains in this market for the remainder of 2023. The price level stems from the most significant inflection in the bear market channel from December 2021 to November 2022. While the ascend from the $30000 level has been swift in a series of sharp motive impulses, this level is expected to be a major battle line between bulls and bears. Consequently, advances ahead of the line from current levels around $44000 may be expected slower, grinding through the zone at a slower pace.
Consequently, a new ascending trading channel has formed from the formation of fourth and fifth waves at the top of a series of third waves in several degrees of Elliott waves.
This channel is shown by the purple parallel trend lines in the chart.
In addition, the chart provides a roadmap for price movement for the the next week or two.
The market is in progress of completing Micro wave circle 3, with an expected target of about $45000, based on confluence of Fibonacci price manifolds of higher and lower degree waves. This will be followed by a wave four contraction of perhaps a thousand points, only to be regained in final wave five. Wave circle 5 will also conclude wave Roman v of subminuette degree, which in turn concludes wave three of minuette degree.
These wave sequences of the bitcoin market structure and their dimensioning by Fibonacci ratios neatly fit into the here presented trading channel.
In another topic I have been outlining the history of these wave progressions, which provides an accurate market plan and trading guide for bitcoin.
Consequently, a new ascending trading channel has formed from the formation of fourth and fifth waves at the top of a series of third waves in several degrees of Elliott waves.
This channel is shown by the purple parallel trend lines in the chart.
In addition, the chart provides a roadmap for price movement for the the next week or two.
The market is in progress of completing Micro wave circle 3, with an expected target of about $45000, based on confluence of Fibonacci price manifolds of higher and lower degree waves. This will be followed by a wave four contraction of perhaps a thousand points, only to be regained in final wave five. Wave circle 5 will also conclude wave Roman v of subminuette degree, which in turn concludes wave three of minuette degree.
These wave sequences of the bitcoin market structure and their dimensioning by Fibonacci ratios neatly fit into the here presented trading channel.
In another topic I have been outlining the history of these wave progressions, which provides an accurate market plan and trading guide for bitcoin.
Comment:
The grand overview as well as a more detailed presentation of this marked can be found here:
Comment:
Well, with the breakdown of the bottom trend line of this new channel last night my recent wave counts got obliterated. I don’t see anything bullish since my marked end of Roman iv. This may indeed need to be moved somehow.
Stay tuned…
Stay tuned…
Comment:
Clearly the idea of this or a similar trading channel at the top of the market has been destroyed by the dump last night. But when completing the title chart with current data, we see a striking resemblance to what I perceived as the future correction in wave (iv), parenthesized Roman four. This is a larger degree wave sequence that should indeed have a correction in wave four of the size the market has just thrown at us. This appears very healthy.