Bitcoin – Weekly Analysis
Bitcoin is down 25% off the top and 13% since our call on October 19. Is it approaching a bottom, or is the coin just getting warmed up to the downside?
In this update, we’ll revisit our mid-October assessment and see what, if anything, needs adjusting. As usual, we’ll read the candlespeak alongside key technicals and Elliott Waves to clarify the highest-probability path from here.
CANDLES
BTC is accelerating to the downside. All frames up to the 15D have recently formed bearish continuation candles. As expected two weeks ago, a 50/200 DMA death cross will be recorded today, with a 100/200 DMA cross likely to follow. The weekly is set to lose support at the 50 WMA, and the monthly has a strong chance of forming a bearish MACD cross. Bears are firmly in control.
Elliott Waves
Last Wave
The red path is still on the table, but its probability is decreasing by the day. The green path has been slightly adjusted.
The mid-term outlook I outlined in mid-October—after the possible completion of an ending diagonal—remains unchanged.
Mid Term – Ending Diagonal
As discussed in October, “broadly, Bitcoin (and crypto more generally) may be facing a substantial drawdown into late 2025, with the bear market potentially extending into 2026.” This evaluation still stands.
Happy Trading!
The most recent DXY weekly reports can be viewed here:
https://investingangles.com/category/currencies/usd/
All previous weekly and monthly analyses for gold are here:
https://investingangles.com/category/commodities/gold/
S&P 500 analyses: https://investingangles.com/category/us-indices/sp-500/
