Analyzing Bitcoin (BTC) Wave Counts to Estimate a Top

2020-12-28 13:13

The Bitcoin (BTC) price reached yet another new all-time high of $28,422 on Dec. 27.

Despite the continuous increase, the wave count suggests that Bitcoin is quickly approaching the top of its current move. This could indicate that a corrective move could soon unfold.

For BeInCrypto’s previous Bitcoin wave count article, click here.

 

Long-Term Bitcoin Wave Count

The long-term count for BTC suggests that the price is near the top of cycle wave 3 (white), currently being in wave 5 (blue).

Once a top is reached and a corrective movement begins, we would expect the entire upward move that began in Sept. to be corrected.

Furthermore, because of the shallow wave 2 (highlighted in red) and the principle of alternation, we would expect a deep wave 4, which could take BTC down to $19,137 or $16,943, the 0.5-0.618 Fib retracement levels of the entire upward movement.

BTC Chart By TradingView

Cryptocurrency trader @TheTradinghubb outlined a chart for BTC giving $29,000-$32,000 as a possible area for the top. The wave count fits with that which we have outlined, in which BTC is completed wave 5 of cycle wave 3.

Source: Twitter Current High

A closer look at the movement shows that BTC is also in sub-wave 5 (orange) of wave 5 (blue).

Using a Fib extension on sub-wave 1 gives us potential targets near $29,800 & $33,600, the 3.61 & 4.61 Fib extensions of sub-wave 1, respectively.

BTC Chart By TradingView

And finally, the shorter-term two-hour chart shows that after breaking out from a 4th wave triangle, BTC has completed minor sub-waves 1 through 4 (shown in black).

Therefore, BTC seems to be in minor sub-wave 5 (black) of sub-wave 5 (blue) of wave 5 (orange) of cycle wave 3. So, a significant correction is expected once the move is completed.

BTC Chart By TradingView   Short-Term Movement

Finally, the lower time-frame 30-minute chart further suggests that there is one more minor sub-wave increase before BTC reaches its stop. This is noticeable by the 4th wave pullback formation.

A decrease below the minor sub-wave 1 high at $24,661 high would suggest that the correction has begun.

BTC Chart By TradingView Conclusion

The Bitcoin price is expected to complete one more short-term upward movement toward $29,800 before beginning a correction.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post Analyzing Bitcoin (BTC) Wave Counts to Estimate a Top appeared first on BeInCrypto.

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wave bitcoin count move could soon indicate

Источник: beincrypto.com

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