BTCUSDT-REBORN (ELLIOT WAVES)
Bitcoin (BTCUSDT) Technical Analysis Report
Date: 21-11-2024
Summary:
In 2021, Bitcoin experienced a significant correction, plummeting from $69,000 to $15,467. Utilizing Elliot Wave theory, our analysis accurately identified the subsequent Wave 5 formation, forecasting a substantial upward movement. This report outlines our technical analysis, highlighting key levels and key wave formations.
Technical Analysis:
Key Levels:
- Resistance: $98,000, $106,000
- Support: $74,225, $650,927
Elliot Wave Pattern:
Our analysis revealed a textbook Elliot Wave pattern, indicating a strong bullish trend. Wave 5, typically the final wave of an Elliot Wave sequence, suggested a target near $98,000.
Indicators:
- RSI (14): 30-70 range
- MACD (12, 26): Bullish crossover
- Moving Averages: 50-day and 200-day MA golden crossover
Conclusion:
Our technical analysis, utilizing Elliot Wave theory, accurately predicted Bitcoin's significant price appreciation from $15,467 to $98,000. This report demonstrates the effectiveness of combining Elliot Wave analysis with traditional technical indicators.
Recommendations:
- Long-term investors: Hold positions, targeting $98,000
Date: 21-11-2024
Summary:
In 2021, Bitcoin experienced a significant correction, plummeting from $69,000 to $15,467. Utilizing Elliot Wave theory, our analysis accurately identified the subsequent Wave 5 formation, forecasting a substantial upward movement. This report outlines our technical analysis, highlighting key levels and key wave formations.
Technical Analysis:
Key Levels:
- Resistance: $98,000, $106,000
- Support: $74,225, $650,927
Elliot Wave Pattern:
Our analysis revealed a textbook Elliot Wave pattern, indicating a strong bullish trend. Wave 5, typically the final wave of an Elliot Wave sequence, suggested a target near $98,000.
Indicators:
- RSI (14): 30-70 range
- MACD (12, 26): Bullish crossover
- Moving Averages: 50-day and 200-day MA golden crossover
Conclusion:
Our technical analysis, utilizing Elliot Wave theory, accurately predicted Bitcoin's significant price appreciation from $15,467 to $98,000. This report demonstrates the effectiveness of combining Elliot Wave analysis with traditional technical indicators.
Recommendations:
- Long-term investors: Hold positions, targeting $98,000
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.
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.