Bitcoin
Possible scenarios
- The charts below present an Elliott Wave analysis on the daily time frame. January is typically a month for corrections, and this January, the price appears to be pulling back into wave 4, with significant support at the 0.3 to 0.5 Fibonacci levels. It seems likely that there will be a quick final leg down, with a potential maximum decline of 15%, which could cause many alt-coins to lose value. However, considering that we are still in a bull run, this correction may be shallow, potentially bottoming out around the 88k to 90k range.
- Blue and white support perfectly matched the targets for C wave and wave 4.
I can not ignore the fact that sometimes C can length on the same level where wave A is (forming double bottom)
- If I zoom in or out on the chart, I might see a potential Head and Shoulders (H&S) pattern with a target of $77,000. However, the structure of this H&S pattern isn't perfect, and I've noticed that such patterns are often not very reliable, especially with Bitcoin (BTC). If we consider these patterns, it's also worth noting that a weekly H&S is forming to the upside, targeting an increase of over 200.K.
- The charts below present an Elliott Wave analysis on the daily time frame. January is typically a month for corrections, and this January, the price appears to be pulling back into wave 4, with significant support at the 0.3 to 0.5 Fibonacci levels. It seems likely that there will be a quick final leg down, with a potential maximum decline of 15%, which could cause many alt-coins to lose value. However, considering that we are still in a bull run, this correction may be shallow, potentially bottoming out around the 88k to 90k range.
- Blue and white support perfectly matched the targets for C wave and wave 4.
I can not ignore the fact that sometimes C can length on the same level where wave A is (forming double bottom)
- If I zoom in or out on the chart, I might see a potential Head and Shoulders (H&S) pattern with a target of $77,000. However, the structure of this H&S pattern isn't perfect, and I've noticed that such patterns are often not very reliable, especially with Bitcoin (BTC). If we consider these patterns, it's also worth noting that a weekly H&S is forming to the upside, targeting an increase of over 200.K.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.