Sunday Update
Little has changed since our update,, bitcoin is trading slightly higher than last Wednesday. Fortunately, the FED meeting hasn’t triggered much negative momentum in the markets, and we are still confident in our primary scenario of higher prices in the next weeks.
Since Wednesday, we have been staying very close to the lower line of the leading diagonal. There have been price movements which tried to break the lower red line, the level of 26’972$ still resembles the most important support. As of now, we managed to remain inside the leading diagonal, it is extremely important that the price doesn’t move below the red support line, which would probably trigger further sell-off pressure.
The following chart represents our short-term outlook, note the yellow count which displays the bullish impulse of the last bullish wave 5.
1H Chart - Bitcoin (Index!)
We expect that we are currently in a (i)-(ii) setup, which should move the price well above 32’800$. All in all, we should reach prices of 32’000$-35’000$ before correcting in a major 1-2 which would offer another great opportunity to accumulate.
Only a significant sell-off below 26’972$ would trigger our bearish alternative of another wave.(i) – wave.(ii) setup.
If you should face problems with the scaling of this chart, the normal scaled chart can be seen below.
Greetings from Switzerland!
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
STOP-LOSS: NONE
LONGTERM TARET: +120’000$
Little has changed since our update,, bitcoin is trading slightly higher than last Wednesday. Fortunately, the FED meeting hasn’t triggered much negative momentum in the markets, and we are still confident in our primary scenario of higher prices in the next weeks.
Since Wednesday, we have been staying very close to the lower line of the leading diagonal. There have been price movements which tried to break the lower red line, the level of 26’972$ still resembles the most important support. As of now, we managed to remain inside the leading diagonal, it is extremely important that the price doesn’t move below the red support line, which would probably trigger further sell-off pressure.
The following chart represents our short-term outlook, note the yellow count which displays the bullish impulse of the last bullish wave 5.
1H Chart - Bitcoin (Index!)
We expect that we are currently in a (i)-(ii) setup, which should move the price well above 32’800$. All in all, we should reach prices of 32’000$-35’000$ before correcting in a major 1-2 which would offer another great opportunity to accumulate.
Only a significant sell-off below 26’972$ would trigger our bearish alternative of another wave.(i) – wave.(ii) setup.
If you should face problems with the scaling of this chart, the normal scaled chart can be seen below.
Greetings from Switzerland!
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
STOP-LOSS: NONE
LONGTERM TARET: +120’000$
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.