$BTC made three classical moves down. Expecting the next candle green and high. Target for wave (3) the same – $49-52k. Timing – August 19.
Let’s explore the details from different angles.
Three consolidation days helped to reset RSI, the major concern, while keeping the other indicators bullish. The formation of the three red candles and their positioning suggest that $BTC to likely form a Rising 3 Methods combo.
I put a possible candle for tomorrow on the chart. If it forms at (ideally) a new higher high, a path to $49-52 would be open.
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.
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.
Previous Monthly Analysis:
Previous Weekly Analysis:
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