- Bitcoin is bullish and is ready to reach 29167 in the next few days or at the start of October. Of course, 30k will follow, but 29k is a strong resistance, and we should see a pullback from it!
- Watch this yellow trendline, which is a gateway to the ultra-huge bull market. Once it breaks, I expect a massive uptrend, but be aware of a possible retest first. Your stop-loss needs to be safe!
- So why is the 29167 level of resistance strong? We have the 0.618 Fibonacci retracement of the previous downtrend, and we also have a point of control on the volume profile. What’s more, it’s the start of the fair value gap. I am definitely expecting a pullback from it!
- It’s always important to do an Elliott Wave analysis because it gives us an outlook on the overall trend and market structure. In the downtrend from 31k to 25k, I see a complex correction—the triple-three pattern WXYXZ. This is a corrective move and shows a lot of weakness. That’s why I am bullish!
- 26k is still a good price for Bitcoin to buy in the long term because I expect 120k in 2025. Why 125? Check out my profile or my previous analyses!
- It’s also important to watch altcoins and how they are doing because it gives us another good indicator for Bitcoin. Of course, altcoins such as ETH, XRP, and DOGE are bullish. This was a quick update on the local price of Bitcoin.
- 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 privately.
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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.