#BITCOIN = Daily Analysis – Inflection = 22.06.2021 $BTC #BTC #trading #investing #charts #ElliottWave #cryptocurrency #crypto

Finally, today BTC hit $29k I’ve been talking about since March. The way the coin closed today tells that the correction is not over yet. From the inflection point it could take two main paths. Let’s discuss them both.

Candles Perspective

Today BTC formed a High-Wave doji that is considered undecisive. From there, it could equally move up or down.
– If tomorrow the coin makes a green candle that is closed in $34k-35.7k or, better, above $35.7k, at least a short-term reversal would be confirmed.
– If a red candle closes at new low, the downtrend would continue.

Elliot Waves Perspective

With the lower low today, BTC completed a minimally acceptable formation of 5 waves down that I marked with Blue on the chart. If the BTC reverses here, I would expect it to complete wave B by the end of August and wave C. In this case, wave C is unlikely to make a new low, however, it could take a few months to complete.

If the coin choses to continue down (odds slightly favor this scenario), it could complete wave (C) in Green in the next several weeks. The targets for this scenario remain unchanged:

  1. (C) = 0.618 x (A): $19975.
    Note that this target is just a tad above the Long Term support of $19870.6. If this support breaks, $BTC could see a 4-digit prices in the nearest future. The long term waves/forecast will require a full recount if LT support breaks.
  2. (C) = 0.786 x (A): $14176.
  3. (C) = 1.0 x (A): $6789. “

Long Term Forecast:
Both Green and Blue scenarios have been on the long term chart for a while. Let’s see which one wins.

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