$BTC took a pause today, but the option to go vertical this week to $58-60k is still on the table. Let’s explore the details from different angles.
Today’s $BTC candle is a typical pause after a strong advance. The candle and the indicators do not signal any bearish alert. The 200 MA line has been backtested and there is a good chance $BTC will resume the rally tomorrow.
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). The green channel is still an option – $BTC at the crossroads now.
As a reminder, the daily RSI is flirting with the overbought line 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 $43795.
#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
Follow the blog on Twitter @InvestingAngles or, if you want all posts in your inbox, by email.
As tweets are often buried among the other tweets on the topic and one is looking for regular updates, I recommend that you to sign to the email updates in the blog – every single post will be automatically sent to your inbox.
Starting in August, I am planning to introduce Premium Content in my blog. The weekly, monthly, and long term analyses and charts will be available only for the premium followers and subscribers for a very humble monthly fee of $10 USD.