This is my attempt to analayze the Bitcoin movement in the mid-term using Elliot Wave Theory.
Last month was the worst January for Crypto and we are looking for a recovery now.
I assume we finished the leg C (Blue) from the running flat and formed a mjor bottom at $32900.
After that the first wave from the bigger 5th wave (Orange Circle) is...
The area at the end of the symmetrical triangle is getting smaller and smaller in $VET.
We might see a big move either way.
For me I prefer taking a long position by breaking $0.0800 level with targets shown in the chart.
MANGAE YOUR TRADE & STOP LOSS.
Good luck with your trades!
A possibly forming head and shoulders pattern in $CHR.
The neck line is encountered with the 200 exponential moving average. Also the trend line crossing in the RSI increases the likelihood of success of the trade.
A good entry is crossing 0.7500 and the the target is 0.7840.
SL for me is 0.7400.
So many possibilities for Bitcoin in the short term but one interesting path is that we are in a corrective wave 2 ( BLUE ) targeting $47300.
Running flat is the most conservative prediction for me if BTC kept its bullishness potential.
This is the worst scenario that I think bitcoin will follow if bears took control of the market and drove the BTC price to the levels mentioned in the chart and broke them.
The only hope for bitcoin now is to close above $53K.
Dollar index is bullish according to the Elliot Wave theory. The invalidation line @ $89.209
It’s either the first wave of the larger 5th wave OR it’s a triangle is forming up where it is now in the d wave of the triangle.