Bitcoin Elliott Wave Analysis

bitcoin Elliott Wave

On the daily chart, the Bitcoin against the USD shows a bullish Elliott Wave impulse, noted by circled red waves. The wave three red is currently active, and its minimum target is at the Fibonacci projection 4621.90 (100% of its wave one). Inside the third wave, there is another five-wave sequence in orange, the wave (3) orange ended at 4469, the wave (4) orange is expected to end at 3690.18 (38.2% retrace 4 Vs. 3).

Once the price ends the fourth orange wave, the wave five will show up to lift the price to the area of the previous high 4487.17, and if the price breaks this resistance the next level will be 4621.90.

Daily Chart Bitcoin Elliott Wave

bitcoin Elliott Wave

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Elliott Wave and Harmonic Trader and Analyst
Member of the CMT Association
Twitter: @juan_maldonado
Skype: juanmaldonadot71

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