BTC today closed with a strong bullish candle and everything looks as if a $100k is just around the corner. The devil is in the details though. Let’s discuss the perspectives from various angles.
The monthly and weekly candles are discussed in the weekly/monthly reports. Links below.
Today’s candle aimed to form a Tower Bottom. Almost succeeded, failed just a few pips. This brings uncertainty. While the uptrend has a good chance to continue from here, the next candle needs to close above $49850, better at a new high, to confirm the intent.
Price closed well above 8 EMA line on an increasing volume, however some indicators are not supporting further advance. More, they look very strange for a supposedly motive wave.
I prefer to stay neutral until a confirmation happens.
In the department of Elliott Waves I got a few very strong indicators that added clarity to the current wave structure and I was able to identify some clear targets.
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Previous Monthly Analysis:
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This is the condensed Track Record of our most recent #crypto calls:
- $BTC – March 24 – call for imminent reversal, target $29000!
This happened when $BTC was $52k and approaching the top, when the experts were calling for $100k and $150k next.
- $ETH – May 16 – call for strong decline, target $1700!
This happened at the beginning of the decline when $ETH ws $3600 and everyone was saying it was a minor blip.
- $BTC, $ETH, $ADA, $LTC – July 21 – call on Bottom
This happened on the day the cryptos formed a strong reversal combo and started rallying.
- $BTC – July 24 – call on the 10 consecutive green days
This happened on the 4th day of the rally once we recognized a special pattern.
- $BTC – Aug 18 – call on Bottom
This happened within minutes after the bottom, at 9:45 pm PST, when $BTC was $44250. It has rallied 10+% after the call.