X Force Global Analysis:
If you find our analyses to be helpful, make sure to support us by dropping a ‘like’
In this analysis, we analyze Bitcoin's daily chart through Elliott Wave theories.
Bullish Evidence
- Before a breakout taking place, Bitcoin had been consolidating in a descending wedge pattern
- Using Elliott Wave counts, this was a Triple Combo Wave (WXYXZ), also known as a triple three
- After breakout out, Bitcoin started its bullish rally in Impulse Wave counts (12345)
- As the bullish momentum has decreased, it seems as though wave 3 has played out, as Bitcoin gets ready for a corrective wave
- Based on Fibonacci retracement levels, a retrace to the 0.382 Fibonacci support at 10.5k is probable before the final impulse wave up to the 1.618 Fibonacci resistance near 12k.
- All technicals currently demonstrate that Bitcoin is overbought
- The Relative Strength Index (RSI) remains at overbought territories
- The Stochastic oscillator also shows that Bitcoin is overbought
- Prices have skyrocketed through the upper Bollinger band.
Market Sentiment:
Long short ratios are at 66 to 34, still with significantly more longs than shorts. While the market looks for a small correction, the overall market sentiment remains bullish.
What We Believe
We believe that a corrective wave will be in play very soon, as many technical indicators point towards Bitcoin being overbought. However, at the same time, there is a high probability of another impulse wave playing out, leading to test 12k regions.
Let us know what you think in the comment section below
Trade Safe.
If you find our analyses to be helpful, make sure to support us by dropping a ‘like’
In this analysis, we analyze Bitcoin's daily chart through Elliott Wave theories.
Bullish Evidence
- Before a breakout taking place, Bitcoin had been consolidating in a descending wedge pattern
- Using Elliott Wave counts, this was a Triple Combo Wave (WXYXZ), also known as a triple three
- After breakout out, Bitcoin started its bullish rally in Impulse Wave counts (12345)
- As the bullish momentum has decreased, it seems as though wave 3 has played out, as Bitcoin gets ready for a corrective wave
- Based on Fibonacci retracement levels, a retrace to the 0.382 Fibonacci support at 10.5k is probable before the final impulse wave up to the 1.618 Fibonacci resistance near 12k.
- All technicals currently demonstrate that Bitcoin is overbought
- The Relative Strength Index (RSI) remains at overbought territories
- The Stochastic oscillator also shows that Bitcoin is overbought
- Prices have skyrocketed through the upper Bollinger band.
Market Sentiment:
Long short ratios are at 66 to 34, still with significantly more longs than shorts. While the market looks for a small correction, the overall market sentiment remains bullish.
What We Believe
We believe that a corrective wave will be in play very soon, as many technical indicators point towards Bitcoin being overbought. However, at the same time, there is a high probability of another impulse wave playing out, leading to test 12k regions.
Let us know what you think in the comment section below
Trade Safe.
🌎 Telegram | t.me/xforceglobal
📢 Twitter | twitter.com/XForceGlobal
▶️ Youtube | www.youtube.com/c/xforceglobal
📢 Twitter | twitter.com/XForceGlobal
▶️ Youtube | www.youtube.com/c/xforceglobal
