#Bitcoin = Weekly Analysis = 07.08.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #ElliottWave

As forecasted, this week $BTC continued its rally that was clearly called on July 21st. What’s next? Let’s explore all details from different angles.

Candles

Monthly
The July candle formed a full Bearish Engulfing, closing a few hundred points above the June high. The move was well supported by technical indicators and at least one month of higher prices is expected.
The price was back above 8 EMA line and the August candle is bullish so far.
Odds: Bullish

Weekly
As expected, after the Maribozu of last week, this weekly candle is green and completed Three White Soldiers, a strong bullish continuation formation. The higher prices are expected, however, they could happen either directly or after a little pause.
The candle closed above 8 and 20 EMA. RSI and other indicators support the move upwards.
Odds: Bullish

Daily
As anticipated in previous update, $BTC retraced after 10 green candles and the pullback was shallow.
The rally resumed with 4 green candles in a row. While this formation is very bullish, the RSI is entering the overbought area we should exercise some caution while riding higher.
The support at 8 and 20 EMA lines is strong, however, crossing the 200 MA line might take some time and a horizontal move at the beginning of next week would not be a surprise.
Odds: Bullish

Elliott Waves

Wave (3) is likely underway and all time frames point upwards.
The target for wave (3) – $58000-60000.
At this point, the timing is not clear as $BTC is yet to chose the channel. The more aggressive red one would lead the wave (5) to completion in August. The green one – most likely in September. Hopefully the next week will bring enough information for finalizing the channel.
Alternatively, there is a chance that the current wave is still part of a bigger wave IV as marked on the long term chart.

Long Term Forecast remains unchanged for over 4 months. Green – primary. Blue – alternative count.
In July I projected a very aggressive wave V (1-5) and suggested its shape. Based on the candles formed in July, I maintain the projection. If the rally continues, I am expecting wave V to top at $69000 +/-500.
Possible timing – August-September.

Monthly Forecast

I am expecting the rally to continue.

  1. Wave (3) is likely to be very aggressive, possibly advancing 10+% daily.
  2. Wave (3) target – $58000-60000.
  3. Target for wave V – $69000 +/-500 in August-September.
    There is one sign that this could happen in August, I will keep you updated on this.
  4. Exercise caution as the daily RSI entered into the overbought territory.

Reversal Call:

Previous Monthly/Weekly Analysis:

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