Bitcoin is bullish, and I expect its price to reach levels above $30,500 in the short term! That's because we have this secret parallel channel that no one talks about. It's important to take profit on your intraday trades at the top of the parallel channel!
I believe Bitcoin can rise much more, to 32k, until the end of the month. But of course, volatility on Bitcoin is currently extremely low, so this can take some time.
I recommend buying XRP for the long term; the current price is very good. Check out my previous analysis on XRP in the related section down below.
But be really careful in September, because this is statistically the worst-performing month for Bitcoin. Usually, Bitcoin goes down during this period of time. But after that, we have October and November, and these months are, on the other side, extremely bullish!
From the Elliott Wave perspective, Bitcoin has completed the complex correction double three (WXY). We can definitely start a new impulse wave from here, but it can also transform into a triple-three pattern (WXYXZ).
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
This was a quick update on BTC. Some altcoins are pumping heavily, but these pumps are most likely a game of whales. To catch these coins, you have to sit on the right coins before it happens.
Thank you, and for more ideas, hit "Like" and "Follow"!
Comment
⋅
The second parallel channel inside the major one is also valid. Trade accordingly.