BTC Neowave - Elliott Wave Theory Analysis (Weekly - Long Term)
Bitcoin has completed the diametric structure, which is the first stage of the correction movement it has created since April 2021.
We are in the final stages of the second phase, the symmetrical structure. This phase continues between $35k and $25k. (note that the price can often complete waves with a wick above or below the trendline, such as C-E-G).
The symmetrical structure can be part of a complex structure, either an X-wave or the first phase of a bullish breakout. These two situations are: a potential X-wave followed by a correction to the so-called "POC Macro" price level or a lower price level is on the agenda. Therefore, the "POC Macro" level of 21K , which is the common point of these two situations, is the most basic element and expectation of the analysis. Lower price expectations will be possible with the analysis of the structure that will form after the "I" wave and thus it will be on the agenda or not.
Posts will continue under a new heading with the end of each structure. As long as the structure does not break down or end, the analysis will continue with additions on this post. Updates will be made every week (usually on Mondays)
We are in the final stages of the second phase, the symmetrical structure. This phase continues between $35k and $25k. (note that the price can often complete waves with a wick above or below the trendline, such as C-E-G).
The symmetrical structure can be part of a complex structure, either an X-wave or the first phase of a bullish breakout. These two situations are: a potential X-wave followed by a correction to the so-called "POC Macro" price level or a lower price level is on the agenda. Therefore, the "POC Macro" level of 21K , which is the common point of these two situations, is the most basic element and expectation of the analysis. Lower price expectations will be possible with the analysis of the structure that will form after the "I" wave and thus it will be on the agenda or not.
Posts will continue under a new heading with the end of each structure. As long as the structure does not break down or end, the analysis will continue with additions on this post. Updates will be made every week (usually on Mondays)
Comment:
BTC has apparently completed wave G and wave H is next. Then we will see a nice rise. To make the most of this period, I will take a long position and the price area will be between
29K
and $32k. There is still time for that and see you in the next weekly update. Have a profitable week.
29K
and $32k. There is still time for that and see you in the next weekly update. Have a profitable week.
Unlike the previous forecast, BTC continued the second phase of the symmetrical structure with a harder move. In this case, the current state of the channel structure is as shown in the image.
In the week of November 13, it is very likely that we will see the peak (40-42k). Subsequently, the decline will start with the H wave of the structure and its potential target is the 28-31k price range.
In the monthly structure, the price expectation for the first quarter of 2024 is 27k, and 21k levels may be possible with a more severe correction. This part is not on our agenda for now, we will check the potential correction levels after the I wave is realized.