Bitcoin Wave Count Suggest One Final Upward Move

2020-11-10 13:41

The Bitcoin (BTC) price is nearing the top of a bullish impulse that has been transpiring since the beginning of March.

Technical indicators suggest that BTC may make at least one more upward move to complete the pattern before reaching a top.

Long-Term Bitcoin Wave Count

The Bitcoin price has been rapidly increasing in what looks to be a bullish impulse (shown in white below) since the beginning of March. If this pattern is correct, then BTC is likely in the fifth-and-final wave of this move.

The most likely target for wave 5 to end would be near $17,000, a target found using the 3.61 Fib extension of wave 1 and 2.61 external retracement of wave 4. This target also coincides with the 0.85 Fib retracement (black) of the entire downward move from the December 2017 all-time high price.

BTC Chart By TradingView Inside the Fifth Wave

A closer look at the aforementioned fifth wave shows that the price could already be in the fifth-and-final sub-wave (orange). Projecting the length of waves 1-3 gives us a target of $17,214, fitting perfectly with that given by the longer-term count.

A decrease below the bottom of wave 4 at $13,187 would invalidate this particular wave count.

BTC Chart By TradingView Short-Term Movement

Cryptocurrency trader @CryptoTony_ outlined a potential wave count for BTC that shows the price trading inside a symmetrical triangle in order to complete the current minor sub-wave 4.

A breakout prediction is also outlined forecasting an end to the pattern near $17,000.

Source: Twitter

The minor sub-wave count (blue) for the aforementioned sub-wave 5 also suggests that the price is nearing the end of the movement, giving us a similar target near $17,116.

However, instead of a triangle correction, it appears that BTC has already completed minor sub-wave 4 by reaching a low of $14,439 on Nov 7. The low also served to validate a resistance line from a parallel channel in what is known as a fourth wave pullback.

Therefore, it is more likely that the price has already completed its correction rather than still trading inside a triangle.

BTC Chart By TradingView Conclusion

While Bitcoin seems to be nearing the end of its upward move, several Fib confluence levels indicate that the price is more likely to reach a high near $17,100 before eventually decreasing.

For BeInCrypto’s latest Bitcoin 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 Bitcoin Wave Count Suggest One Final Upward Move appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67661.83 (-0.10%)
Объем 24H $16.181b
Изменеия 24h: 1.22 %, 7d: -1.86 %
Cегодня L: $67187.68 - H: $67781.21
Капитализация $1333.365b Rank 1
Цена в час новости $ 15352.47 (340.72%)

btc bitcoin move upward suggest one make

Источник: beincrypto.com

btc bitcoin → Результатов: 126


Long-term Bitcoin holders resume accumulation, adding almost 70,000 BTC post-downturn

Quick Take Glassnode data suggests that long-term holders who have held Bitcoin (BTC) for over 155 days are actively accumulating after offloading around 1 million BTC since late 2023. This cohort, known for selling into profits when Bitcoin reaches new all-time highs, has increased its holdings by approximately 70,000 BTC from the cycle bottom.

2024-5-14 13:40


Dogecoin (DOGE), Arbdoge AI (AIDOGE), and Others Propel Meme Coin Momentum as Bitcoin (BTC) Surpasses $70,000

As Bitcoin (BTC) has recently surpassed the $70,000 mark, the meme coin sector has been reaping the benefits of trader profit distribution. Despite the polarizing opinions surrounding the existence of memecoins within the cryptocurrency space, this sector has been outperforming other competing altcoin groups over the past week.

2024-4-11 11:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.

Upbit Exchange Outperforms Coinbase and OKX in July

Korean exchange Upbit records $29.8 billion in spot trading volumes as it benefits from superior regulation compared to US exchanges. The post Upbit Exchange Outperforms Coinbase and OKX in July appeared first on BeInCrypto.