Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
I'm not an expert.
_____
I make some time to post a TA.
I hope you learn something.
______
Bitcoin Technical Analysis
Revised Elliot Wave Counts
Monthly Timeframe
First of all, congratulation to all of us who bought Bitcoin at below $ 30,000.00 and below $ 40,000.00. I think Bitcoin and the Whole Crypto Market will make another 8 months to 11 months of an uptrend. Recently, Bitcoin is making a new All-Time-High.
Second, I made some revisions on my Elliot Wave Counts but am still in favor of the Bulls. You make check the previous Elliot Wave Count in the related ideas section, especially the technical analysis dated February 5, 2021, on Bitcoin. In my revised Elliot Wave Count, we are in Wave 5 (Cycle) of Wave 3 (Super Cycle) of Wave 3 (Grand Super Cycle) as you see in the chart instead of Wave 5 (Super Cycle) of Wave 5 (Grand Super Cycle) in the previous TA. Usually, Bitcoin’s Wave 3 Target is equal to 1.618 Fibonacci (Most of the time) or can be extended more. I noticed that in my previous TA, my Wave 3 is equal to 0.786 Fibonacci or $ 20,906.54. We know that 2017 ATH is at $ 19,666.00. I noticed in Bull rally from 2012 to 2013 and from 2016 to 2017: (1) Wave 3 is equal to 1.618; and (2) Wave 5 is equal to 0.786 (If you try to check it using trend-based Fibonacci Extension). I realized that I have to revise it to make it more based on Elliot Wave Principle. So, if Bitcoin has not met yet its Grand Super Cycle Wave 3 Target at 1.618 or $ 3,825,273.80 (Most likely in the next halving), I think we have a lot of upside price action in the years to come (Of course, price does not go into a straight line, ups and downs are expected). For the recent Bitcoin Halving, I think Bitcoin will make an uptrend from October 2021 up to May 2022 or to August 2022 which may go as high as $ 263,386.24 to $ 400,000.00 plus before a major correction happens (In the Chart). Seems like, it coincides with Plan B’s Stock-to-flow ratio Model. Looks like another happy month for the Bulls. Price is currently above all Moving Averages. Bullish Convergence and above 70 Level in RSI. MACD Histogram is showing increase buying momentum as long as NO bearish crossover. Stoch RSI has Bullish Divergence.
Third, as you notice in the Chart, I put Bitcoin Halving Cycles and US Election every 4 years. I think these two events contribute to the appreciation of the price of Bitcoin and Other Cryptocurrencies. I notice that the last year 2020 and even in the previous US Election that it has an impact on the price of Stocks and Cryptocurrencies. Do you think there is a positive correlation? Who knows?
Weekly Timeframe
Seems like, the Bullish Scenario on my previous Technical Analysis dated September 1, 2021, prevails. Successfully tested EMA 9 (Monthly timeframe) and move higher.
Breaks the resistance and further upside to come. Above all Moving Averages. Bullish Convergence in RSI, MACD, and Stoch RSI.
Daily Timeframe
Price breaks the resistance at $ 64,500.00 and above all MAs. Bullish Convergence on RSI, MACD, and Stoch RSI. MACD has a bullish crossover.
4HR and 1HR Timeframe
I think this Bearish Divergence is a pullback to EMAs.
_______
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
Not an Expert
I'm not an expert.
_____
I make some time to post a TA.
I hope you learn something.
______
Bitcoin Technical Analysis
Revised Elliot Wave Counts
Monthly Timeframe
First of all, congratulation to all of us who bought Bitcoin at below $ 30,000.00 and below $ 40,000.00. I think Bitcoin and the Whole Crypto Market will make another 8 months to 11 months of an uptrend. Recently, Bitcoin is making a new All-Time-High.
Second, I made some revisions on my Elliot Wave Counts but am still in favor of the Bulls. You make check the previous Elliot Wave Count in the related ideas section, especially the technical analysis dated February 5, 2021, on Bitcoin. In my revised Elliot Wave Count, we are in Wave 5 (Cycle) of Wave 3 (Super Cycle) of Wave 3 (Grand Super Cycle) as you see in the chart instead of Wave 5 (Super Cycle) of Wave 5 (Grand Super Cycle) in the previous TA. Usually, Bitcoin’s Wave 3 Target is equal to 1.618 Fibonacci (Most of the time) or can be extended more. I noticed that in my previous TA, my Wave 3 is equal to 0.786 Fibonacci or $ 20,906.54. We know that 2017 ATH is at $ 19,666.00. I noticed in Bull rally from 2012 to 2013 and from 2016 to 2017: (1) Wave 3 is equal to 1.618; and (2) Wave 5 is equal to 0.786 (If you try to check it using trend-based Fibonacci Extension). I realized that I have to revise it to make it more based on Elliot Wave Principle. So, if Bitcoin has not met yet its Grand Super Cycle Wave 3 Target at 1.618 or $ 3,825,273.80 (Most likely in the next halving), I think we have a lot of upside price action in the years to come (Of course, price does not go into a straight line, ups and downs are expected). For the recent Bitcoin Halving, I think Bitcoin will make an uptrend from October 2021 up to May 2022 or to August 2022 which may go as high as $ 263,386.24 to $ 400,000.00 plus before a major correction happens (In the Chart). Seems like, it coincides with Plan B’s Stock-to-flow ratio Model. Looks like another happy month for the Bulls. Price is currently above all Moving Averages. Bullish Convergence and above 70 Level in RSI. MACD Histogram is showing increase buying momentum as long as NO bearish crossover. Stoch RSI has Bullish Divergence.
Third, as you notice in the Chart, I put Bitcoin Halving Cycles and US Election every 4 years. I think these two events contribute to the appreciation of the price of Bitcoin and Other Cryptocurrencies. I notice that the last year 2020 and even in the previous US Election that it has an impact on the price of Stocks and Cryptocurrencies. Do you think there is a positive correlation? Who knows?
Weekly Timeframe
Seems like, the Bullish Scenario on my previous Technical Analysis dated September 1, 2021, prevails. Successfully tested EMA 9 (Monthly timeframe) and move higher.
Breaks the resistance and further upside to come. Above all Moving Averages. Bullish Convergence in RSI, MACD, and Stoch RSI.
Daily Timeframe
Price breaks the resistance at $ 64,500.00 and above all MAs. Bullish Convergence on RSI, MACD, and Stoch RSI. MACD has a bullish crossover.
4HR and 1HR Timeframe
I think this Bearish Divergence is a pullback to EMAs.
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
Not an Expert
