BTCUSD has been trading inside an ascending parallel channel and has completed wave 3 of an impulse Elliott Wave after a sharp drop from the Fibonacci level of 1.618 ($57870.92) and retraced almost back to a retracement level of 1 ($41950) to create wave 4.
Bitcoin is now on its way to complete the final impulse wave of 5 with a Fibonacci level of 2 ($67712) which will then go into its corrective phase of ABC. Corrective wave A will complete between impulse wave 3 and 4. Corrective Wave B will go higher than impulse wave 3 and could potentially retest the bottom of the ascending parallel channel. The final corrective wave C should be above impulse wave 1 and below impulse wave 4 which is around the Fibonacci level of 1 ($41950), however, there is potential it could go lower than impulse wave 1.
This technical analysis is for educational purposes only.
Bitcoin is now on its way to complete the final impulse wave of 5 with a Fibonacci level of 2 ($67712) which will then go into its corrective phase of ABC. Corrective wave A will complete between impulse wave 3 and 4. Corrective Wave B will go higher than impulse wave 3 and could potentially retest the bottom of the ascending parallel channel. The final corrective wave C should be above impulse wave 1 and below impulse wave 4 which is around the Fibonacci level of 1 ($41950), however, there is potential it could go lower than impulse wave 1.
This technical analysis is for educational purposes only.