Bitcoin: Advanced Elliott Wave Analysis 1D (Jul. 27)

X Force Global Analysis:


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In this analysis, we'll be analyzing Bitcoin's daily chart using Elliott waves, weighing out the bullish probabilities.

Analysis

- To begin with, we can spot an Elliott Impulse Wave (12345) count at 5k levels.
- Within the first intermediate impulse wave marked in orange, we can spot another small minor impulse wave in green
- Leading up to local top levels, the impulse wave ends where the Elliott Triangle Wave (ABCDE) count beings
- Bitcoin consolidates within a rather inconsistent symmetrical triangle
- And within the triangle, it consolidates once more in a wedge formation as it completes wave E
- After completing wave E, it breaks out of the pattern, creating new impulse wave counts
- On the minor scale (green) , we are currently at impulse wave 3, within the first wave of the intermediate wave count (orange)
- The first minor impulse wave played out to the 0.382 Fibonacci resistance
- With sufficient momentum, we could expect the minor impulse wave to end around the 1.618 Fibonacci resistance at 11.4k

Market Sentiment:

Long short ratios are at 74 to 26, with significantly more long positions than short positions, reflecting the extremely bullish sentiment and trend.

What We Believe

We believe that while Bitcoin has made a huge comeback after weeks of consolidation, there is still more upside from the perspective of Elliott waves.

Let us know what you think in the comment section below


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