Bitcoin: Elliott Wave Analysis 1D (Jun. 13)

X Force Global Analysis:


In this analysis, we explore a bullish case for Bitcoin based on Elliott Wave analysis.

Bullish Evidence

- We have counted an textbook Elliott Impulse Wave (12345) during the bullish rally up
- In lieu of an Elliott Corrective Wave (ABC), we have counted an Elliott Triangle Wave (ABCDE)
- Bitcoin has been consolidating in an ascending triangle, forming higher lows
- The ascending trend line support remains intact
- The Stochastic Oscillator is at oversold territories, looking for a potential crossover
- The Relative Strength Index (RSI) is at neutral levels
- Prices have formed a hidden bullish divergence, with higher lows on the price, and lower lows on the Moving Average Convergence Divergence (MACD)

Market Sentiment:

Long short ratios are at 67 to 33, with the market sentiment still being dominantly bullish. Considering the fact that the bullish trend hasn't died off yet, this could be interpreted as a reasonable market sentiment.

What We Believe

Given that the E wave doesn't get negated by a breakdown, and that we see confirmation of a close above 10.5k levels, we could expect a rally up to the 1.618 Fibonacci retracement resistance, before possibly seeing a corrective wave.

Trade Safe.