#Bitcoin = Daily Analysis = 22.07.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #Elliottwave

BTC is a few points away from completing the first motive wave up and now needs a little pullback. Candle structure is bullish healthy. Let’s have a look at different aspects of the moves.

Candles

The Bullish Engulfing yesterday was supported by todays candle that also closed above 8 EMA line and increased the bullish odds. There are a few indicators on the smaller frames that suggest a possible horizontal move for the next 1-2 days.

The weekly candle climbed above 50 MA. If it closes at this level or higher on Saturday, it can develop a reversal candle above 50w MA, which would be a strong confirmation of the reversal move.
I mentioned in several studies before, that from the monthly candle perspective, BTC better not make a lower low this month. Otherwise, it would open a door to much lower prices.
Odds: Bullish-Neutral

Elliott Waves

In my weekly update on Saturday I forecasted a possible reversal after the ending diagonal. So far, I maintain the same counts and projections.
1. Highest probability. I expect wave i to expend no higher than $33200. It should be followed by a pullback to $30700-31700 and wave iii. If this scenario works, expect wave iii to start over weekend.

2. If BTC advances above $33200, most likely wave iii is underway. However, this scenario is not supported by indicators yet.
3. Technically wave ii should take no more than 1-2 days and retrace no deeper than $30k. If it does, there is a chance that the diagonal has not completed yet and the red rectangle would be the possible target for wave 5.
In case BTC falls and makes a lower low before July 31, this would be a totally different story that I covered in separate studies (link at the bottom).

Forecast and Events to watch

If the EW counts and channel are correct, expect wave i to reach $32700-33200.
Then a retrace to $31700-30700 would be a typical one, followed by a strong wave iii.

And keep in mind this:

1. If BTC breaks below $28901.8 before July 31, it opens a door to lower prices.
2. If BTC closes below $28901.8 on July 31, it swings this door wide open. Possible decline to the 4-digit prices.
3. If BTC breaks below $19870.6 anytime (long term support), the odds of going into the 4-digit area would greatly increase.

I am planning to update daily on changes after the closures, as usual.

The long term perspectives and the chart can be found in the Monthly/Weekly Analyses by the link below.

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Previous Monthly Analysis:

Previous Weekly:

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