From here, $BTC could go vertical. Possible target for this week – $58-60k. Let’s explore all details from different angles.
Today $BTC overcome any possible bearishness of the yesterday’s combo. A strong continuation candle signals a very strong rally.
Technical indicators on daily and other time frames support the move upwards. The price closed above 200 MA.
Odds: Strong Bullish
Elliott Waves + Forecast
Wave 3 of (3) is likely underway and all time frames point upwards.
The target for wave (3) – $58000-60000.
An inflection area – $50000-51000. If $BTC strongly rejected there, could be a trend change.
It looks like $BTC is leaning towards a more aggressive red channel. If this is the case, we could see 3-5 very strong green candles this week, possibly completing wave (3).
As a reminder, the daily RSI entered the overbought territory and a reversal could happen any time. Please exercise caution.
Alternatively, there is a chance that the current wave is still part of a bigger wave IV as marked on the long term chart in the weekly update. This count could become main operative if $BTC closes tomorrow below $42611.
#Bitcoin = Daily Analysis – Reversal = 21.07.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #Elliottwave
Previous Monthly/Weekly Analysis:
#Bitcoin = Monthly Analysis = 01.08.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #ElliottWave
#Bitcoin = Weekly Analysis = 07.08.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #ElliottWave
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