Mar 02, 2023 15:35
We discovered using the Elliott Wave Principle (EWP) for Bitcoin (BTC) two weeks ago that resistance is currently at $25.5K, in contrast to the more normal connection between the 5th wave and the first and third waves, which is frequently 0.618x the entire W-i+iii rise.
Therefore, we can accept higher values and the achievement of our $27-28K goal zone as long as Bitcoin can maintain a price above $22.5K.
Bitcoin peaked at $25.3K the day after, exactly at the resistance, and fell to $22.8K over the weekend. Is the optimal goal of $27–28K still attainable—keep in mind that markets do not have to be perfect—then? Bitcoin is no exception to the trend of prolonged 5th waves in cryptocurrencies. In this scenario, as shown in Figure 1 below, the weekend drop represented a 62% retracement of the February rise.
As a result, we can set up in a beautiful green W-1, 2. We can allow for this configuration as long as the lows reached this weekend hold (thus, these lows can be used as a stop loss). To be confirmed, this option will need to break out above the February highs ($25,333) without falling below them. Then, we can anticipate a recovery that will, ideally, reach $31K+/-500.
The Bears are given a strong caution if Bitcoin descends below this weekend's low, which could lead to a drop to the red W-iv low. Below that, the possibility depicted in Figure 2 below becomes more probable.
Mar 01, 2023 15:55
Mar 02, 2023 15:47