Welcome back for another Tuesday update!
The market didn’t move much since our last update, and we are still convinced that bitcoin established its wave (i) and the surge towards 24’000$ was just a wave minor wave (b). As marked on the chart the market moved in corrective a-b-c movement towards the last high and since then bitcoin declined by a little more than -1500$. According to the Elliot wave theory the market should move down in 5 waves but as of now we can’t spot a bearish wave (i) wave (ii) pattern which would create enough bearish momentum.
Maybe the market will shed some light on this in the next days. Additionally, I just want to point out that it is very important in especially times like these to be extra focused on the market In order to prevent missing any clues.
A few altcoins like solana, polkadot and vechain were more detailed in their movements, and we will make sure to provide everyone here with fresh updates on these altcoins this week.
Please note that we are already invested in Bitcoin since the 15th of June, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
STOP-LOSS: NONE
LONGTERM TARGET: +120’000$
The market didn’t move much since our last update, and we are still convinced that bitcoin established its wave (i) and the surge towards 24’000$ was just a wave minor wave (b). As marked on the chart the market moved in corrective a-b-c movement towards the last high and since then bitcoin declined by a little more than -1500$. According to the Elliot wave theory the market should move down in 5 waves but as of now we can’t spot a bearish wave (i) wave (ii) pattern which would create enough bearish momentum.
Maybe the market will shed some light on this in the next days. Additionally, I just want to point out that it is very important in especially times like these to be extra focused on the market In order to prevent missing any clues.
A few altcoins like solana, polkadot and vechain were more detailed in their movements, and we will make sure to provide everyone here with fresh updates on these altcoins this week.
Please note that we are already invested in Bitcoin since the 15th of June, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
STOP-LOSS: NONE
LONGTERM TARGET: +120’000$
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
This evening seems to be very interesting as bitcoin and other cryptocurrencies tumble. In our last updates, I multiply stated that the upcoming c wave should establish a 5-wave impulse. As of now, bitcoin has built up bearish momentum, and we breached the 22’000$ level. Our price target for this bearish wave (iii) is set at 20’806 and this means, if this movement is really a c wave then we should decline even more in the upcoming days.
The orange zone represents the most important Fibonacci extensions of this wave (iii), depending on the volatility we could extend even lower. The price target for the final wave (v) is set at 20’802$, keep in mind that these targets are only the standard levels which the Elliot wave theory suggests.
Be very careful in the next days because we could change our count and stay tuned for future updates! We will publish additional updates outside our schedule if necessary
VERY IMPORTANT:
We wrote about our alt.(c) before and I can't stress this enough… If the market keeps up this immense bullish power of the past months, it could be that we only get a small setback in this wave movement and bitcoin could start its bullish wave (iii) marked in blue sooner!