Technical analysis

    Bitcoin BTC – New bull market just started! Elliott Wave + Wedge

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    Bitcoin on the weekly chart
    • The price is currently above 22 000 USD and we have had a capitulation wick to 17 600 USD to kick out high leverage traders.
    • I do not see any reason why bitcoin should not respect the previous all time high support from 2017 (around 20 000 USD)!
    • Bitcoin on the weekly chart is currently sitting on the main support: Previous 2017 Swing high + 0.382 FIB + ABC correction completed!
    • The price is forming a falling wedge pattern, which is definitely a good sign that can lead to a new bullish trend .
    • As per my Elliott wave analysis – ABC correction ( ZigZag 5-3-5) should be completed successfully and we can start a complete new impulse wave.
    • Only Bitcoin is a safe bet for the longterm. It’s the best store of value and altcoins are awesome for short-term to mid-term massive gains.
    • https://www.tradingview.com/chart/BTCUSDT/aXEsDubD-Bitcoin-BTC-New-bull-market-just-started-Elliott-Wave-Wedge/
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    Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.