#Bitcoin = Daily Analysis = 11.08.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #ElliottWaves

I believe $BTC defined the channel. Next target – wave (3) – $49-52k. Timing – August 19. Let’s explore the details from different angles.


Yesterday and today’s $BTC formed two consolidation candles that backtested the 200 MA line. Expect the continued rally that would likely be slow and steady (no huge daily advance).
Indicators support the rally as well.
Odds: Strong Bullish

Elliott Waves + Forecast

Wave 3 of (3) is likely underway and all time frames point upwards. The channel seems to be defined and it would be a moderate one.
The target for wave (3) – $49000-52000.
Most likely timing – August 19 +/- 1 day.

There is still a chance of a very strong advance, but the probability of it now low.

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.


Reversal Call:

Previous Monthly Analysis:

Previous Weekly Analysis:

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