support at SMA200 watershed, key support at 4608;
market worries about US economic slowdown;
this is a brief elliot wave counting map to determine probable key levels.
Targets and possible movements of Bitcoin, before the halving
According to the Elliot wave count and the support and resistance ranges as well as the possible channel, we can expect to reach the $50,000 target before the halving, which happens around May 2024.
At any time before this goal is reached, if the bottom of the ascending channel is broken, the current...
If you look at the TrendCloud on the continuous contract you will see that it likes to go 5 waves up and then 7 waves down most of the time. It worth taking an aggressive entry at this demand zone because you have asymmetrical leverage. Meaning: the reward is much bigger than the risk. Go for it.
#BITCOIN #BTC Wave counting and 2-4 month targets
Target area
Time Target:
From 8 Aug to 5 Nov 2023
Price targets:
TP1-37500-38500 $
TP2-43000-44200 $
TP3-47500-49500 $
Time Pivots:
8 Aug
25 Aug
11 Sep
5 Oct
5 Nov
STOP LOSS:
UNDER 24500 $
Considering the strength and slope of price growth from $16,500 to $24,000, we are probably in an impulse structure.
But we cannot comment with certainty about the status of this pulse wave. So this impulse structure is either wave 1 of a larger five-wave structure, or wave A of a zigzag correction.
So, according to these two scenarios, we can expect the possible...
Based on my previous Nifty 50 charts this time I tried to explain more with texts and markers on chart. I hope it would help you to understand. This is just my prediction, It could be wrong anytime.
After wave A to B retracement which was almost 0.382 from the previous wave (Must mention that SGX Nifty was 17014 that day, exactly where I pointed out) now the wave...
This is my revised wave count to account for multi wave extensions nested. Bitcoin while completing an ABC Flat (Irregular / Expanded) correction, touched the Golden Zone, and then bounced up to complete Wave C of the Flat.
Special Tip: Flats (Irregular / Expanded) are quite common, as they inevitably run stop losses on both sides, and further introduce new...
Possible extension of Wave C (in the minute degree) of within the larger Wave B (in the Minor Degree).
Extensions can only occur within Impulse Waves 1,3, & 5, therefore extensions can also occur within Waves A & C of corrections.
Extensions, are better known as nested waves. As we know that within Elliott Wave theory rules, Wave 4 cannot overlap with Wave 1....
In my opinion, Amazon has completed (or is about to complete) a full market Supercycle: Impulse Wave (I) and Corrective Wave (II).
What I would anticipate would be for Amazon to accumulate during the recession and then emerge out of it with Supercycle Impulse Wave (III).
