Bitcoin Analysis (Bitfinex) with Elliot wave
1. Elliot wave
In a long-term view, Wave 4 has ended at $ 31,075.
Wave 5 is in progress.
Check prices which can be a target price of wave 5.
This fall down could be analyzed like this.
Originally, wave c should fall below bottom price of wave a ($ 29,563).
But in this time, I think the wave c was truncated.
Because next wave ($ 31,075 to $ 38,491) is an impulse wave, not corrective wave.
Wave analysis after $ 31,075 at 8th June.
Impulse wave 1 has done, and corrective wave is in progress.
If wave 2 going to ABC wave, 0.786 ~ 0.886 Retracement could be a good entry price.
There are 50 day MA, and BAT harmonic pattern.
2. Moving average
Price stopped at 200 week MA. Supported.
But I don't think price soar up in a short period.
Due to incline of MAs, over 38k area is strong resistances.
So the price would go side to side until shooting readyed.
3. Ichimoku clouds
There are no special things to see.
In a day chart, cloud twist at 17th June.
May be there could be a big movement at that day.
In a long-term view, Wave 4 has ended at $ 31,075.
Wave 5 is in progress.
Check prices which can be a target price of wave 5.
This fall down could be analyzed like this.
Originally, wave c should fall below bottom price of wave a ($ 29,563).
But in this time, I think the wave c was truncated.
Because next wave ($ 31,075 to $ 38,491) is an impulse wave, not corrective wave.
Wave analysis after $ 31,075 at 8th June.
Impulse wave 1 has done, and corrective wave is in progress.
If wave 2 going to ABC wave, 0.786 ~ 0.886 Retracement could be a good entry price.
There are 50 day MA, and BAT harmonic pattern.
2. Moving average
Price stopped at 200 week MA. Supported.
But I don't think price soar up in a short period.
Due to incline of MAs, over 38k area is strong resistances.
So the price would go side to side until shooting readyed.
3. Ichimoku clouds
There are no special things to see.
In a day chart, cloud twist at 17th June.
May be there could be a big movement at that day.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.