After conducting a new analysis, I came to the conclusion that the uptrend in BTCUSD is moving further to the historical maximum and will consolidate higher.
The chart shows three trend lines:
A1. Mirror trend level, and support and resistance, to understand the significant boundaries of Bitcoin changes in historical price movements.
A2. The global trend of a corrective change in the price of Bitcoin after a historical maximum with the formation of resistance.
A3. Impulse of a corrective movement with an unrenewed Low, which indicates trend support.
Zigzag lines - stages of cyclicity and the beginning of movement and the beginning of the completion of the cycle.
Now the 4th cycle is not amenable to analysis of horizontal support and resistance levels, however, the Elliot analysis can be traced on the chart, with which the direction of Bitcoin movement is foreseen.
According to the current forecast, Bitcoin dynamics will show an upward trend in 2022. With the current forecast, you can observe the emergence of a new historical maximum and the price fixing in the indicated ranges. The example shows the Elliot impulse wave, it reflects the future vision of the market.
S1 is the global level of momentum for the entire direction of Bitcoin movement. When the price approaches from top to bottom to the level border, a Long position is opened.
S2 is the medium-term level of the impulse of the corrective movement. When the price approaches from top to bottom, it gives a signal in Long.
The current forecast suggests opening Long positions only on corrective movements based on the drawn levels.
Closing short-term positions (yellow and orange trend lines in the current cycle) serve to place Stop orders and Elliott wave lines.
THANK YOU for the like/comment! ; )
The chart shows three trend lines:
A1. Mirror trend level, and support and resistance, to understand the significant boundaries of Bitcoin changes in historical price movements.
A2. The global trend of a corrective change in the price of Bitcoin after a historical maximum with the formation of resistance.
A3. Impulse of a corrective movement with an unrenewed Low, which indicates trend support.
Zigzag lines - stages of cyclicity and the beginning of movement and the beginning of the completion of the cycle.
Now the 4th cycle is not amenable to analysis of horizontal support and resistance levels, however, the Elliot analysis can be traced on the chart, with which the direction of Bitcoin movement is foreseen.
According to the current forecast, Bitcoin dynamics will show an upward trend in 2022. With the current forecast, you can observe the emergence of a new historical maximum and the price fixing in the indicated ranges. The example shows the Elliot impulse wave, it reflects the future vision of the market.
S1 is the global level of momentum for the entire direction of Bitcoin movement. When the price approaches from top to bottom to the level border, a Long position is opened.
S2 is the medium-term level of the impulse of the corrective movement. When the price approaches from top to bottom, it gives a signal in Long.
The current forecast suggests opening Long positions only on corrective movements based on the drawn levels.
Closing short-term positions (yellow and orange trend lines in the current cycle) serve to place Stop orders and Elliott wave lines.
THANK YOU for the like/comment! ; )