#Bitcoin = Daily Analysis = 02.08.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #ElliottWave

Precisely as forecasted, $BTC moved into the dark green rectangle. The daily candle formed a 3-day pattern that is more bullish than bearish.
Let’s explore the details from different angles.

The previous Monthly analysis – link below.

Candles

Daily
Today $BTC formed a third red candle in a row. While the sequence resembles Three Black Crows, I believe it is not. Several little details suggest that this could be Bullish Deliberation. The pattern is considered weak (the odds are barely bullish) and is unlikely to trigger a bullish rally. The most likely outcome would be a horizontal move or a micro rally.
Tomorrow’s candle would bring more clarity.
The daily candle closed above 8 EMA line and we will see whether tomorrow it breaks.

Odds: Neutral-Bearish

Elliott Waves/Forecast

On the micro level, $BTC seems to be forming a motive wave down. This would be a typical development for the first corrective wave of a zigzag. If my very preliminary counts are correct, wave A would extend to $37500-36000.
At this point there is very little data to forecast the future moves more accurately. Waves (2) are very difficult to forecast from the depth, shape, and timing perspectives.

I hope Tuesday’s candle will help with the pattern and the waves.

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Previous Monthly Analysis:

Reversal Call:

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