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TraderAmin-KZ
Mar 20, 2024 9:03 PM

BITCOIN Comprehensive Technical Analysis Long

Bitcoin / Tether USDHTX

Description

Hello everyone.
First of all I should say happy new year (Nowrooz) to all iranian people around
the world specially iranian traders community.
Im going to explain how will BTC behave in coming months according to
Elliot wave principles.
As you know wave analysis act better in higher timeframes like Weekly.
So I want to take a look at BTC price action from Nov 2022 that new Elliot Motive wave starts.

You can see the end of wave 3 of a 5 wave move in picture below:

so we are now in the end of a wave 3 in 161.8% fibonacci projection level from the end of wave 2.

furthermore we will have price correction as wave 4.
this wave 4 can be end in 57000 level that is a strong support level and most Fibo retracement levels compress here.
there are a lot of reasons that we will have a bullrun in coming months :
The most important one is Bitcoin Halving and the second one is inflows from approved ETFs
and last one is expected Federal rate cuts.
In chart below you see the overlay levels of Fibo that price will target soon.
Overall in my opinion after a correction to 57000 level as wave 4 , price will go forward to 3 targets ahead as wave 5 (100% level of wave 1) : 85000 , 100000 and 115000.

the most probable target level is 115000 (100% Fibo projection of wave 1)
after that price will correct till the range of wave 4 means 57000 again.
this level (I mean 57000 to 60000) will convert to a strong support level after the price correction.
Hope you like this opinion.
you should make decision on your own opinion but I will be happy if you share your views in comments with me.
Thank you for reading this analysis.
Have good trades
Comments
fastprofittrader
Why Happy Novrooz only to Iranian people? There are many other across the world who celebrate it
TraderAmin-KZ
@fastprofittrader yes actually you right my friend i mean specially iranian people.happy new year to all people around the world.😁🙏👏
MyCryptoParadise_Nathan
totaly agree with your waves analysis
TraderAmin-KZ
@MyCryptoParadise_Nathan thanks for leaving your opinion 🙏❤
MyCryptoParadise_Nathan
@TraderAmin-KZ, my pleasure buddy
TraderAmin-KZ
StephenMissionFX
So we are in the Wave IV correction now?
TraderAmin-KZ
@StephenMissionFX maybe but according to extended wave 2 it wont take a long time and may end 1 or 2 month after halving event 🙏
unbeldi
The Elliott Wave Principle works equally well on all timeframes.
TraderAmin-KZ
@unbeldi yes absolutely but i said it will work better in higher timeframes 🙏
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