Bitcoin Elliot Wave View(Very Strong on the BULL Side)

From the chart we can see the play of both Contraction and Expansion corrective wave pattern as they are been accurate from the downward move where we have wave 1-2 and wave 3-4 alternating the major corrective principle of Elliot wave.

Transferring this view to the present uptrend movement we can see that corrective length of wave 1-2 was around 78.6% which is extended in nature and with this the expected reaction at wave 3-4 should be contraction with maximum retracement in the region of 38.2%.

Moreover Price action should guide us which best corrective zone to pick as we may also bounce up from 23.6% level where we have our PRZ I (potential reversal Zone).

As BTC established a new rising channel move, I expect this Bull run to continue towards 12,000usd first before we have next major correction back in the area of 8000usd.

Trading Plan:

It worth taking risk on Longing BTC on the PRZ I with tight stop loss below 7000usd. Any bridge of price below 7000usd will take us to Next PRZ II at 6200-6500 level.

Kindly follow the suggested zone on the chart and always remember to apply stop loss according to your risk ability.

Level to watch for are:
POSSIBLE ENTRY ZONE
Possible Support LEVEL
SELL TARGETS

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Possible end diagonal action on BTC and all maintaing Rising channel, this look interesting. The break of this channel will implies potential failure in the Bull structures.

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We are approaching strong support base towards 7500 zone, I believe Bull will do everything possible to keep this level. Failure to do so will lead to huge drop towards bottom level.

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The first bounce happened as expected towards the previous bottom, with this if follow our falling wedge idea and the previous idea of ENDING Diagonal this should first take us towards 8000-8250$ level.

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Nice pump

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Yesterday was a great day the BULL, they change the story for almost everybody expecting sharp drop, we closed with a great huge engulfing candle.

Guys keep close eyes on our targets as we aim for 8150 first this time around and when this break 8300$ become easy target.

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Trade in progress. We hit our immediate target.

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Price moving according to the plan. Nice ride.

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Trade closed: target reached

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Very much in play

Comment:

Guys let give this analysis more beautiful likes