Given our ground zero on 22 June 2021 at 28700 USD, Elliott waves on 1D suggest that 42000 USD was our correction point A.
Based on that it is fair to assume that point B would be between 38.2-62.8% Fib that derives from ATH impulse to point A.
However, I would consider to go Short at 50% Fib, around 55500 USD area. This where the price can be expected to bounce off the blue trend line and thereafter, drop down to 33300 USD which would be point C.
Indicators support feasibility of point B
Both RSI and MACD are at the bottom of a falling wedge.
Stochatic RSI is in the position of growth.
RVI is following an uptrend.
Based on that it is fair to assume that point B would be between 38.2-62.8% Fib that derives from ATH impulse to point A.
However, I would consider to go Short at 50% Fib, around 55500 USD area. This where the price can be expected to bounce off the blue trend line and thereafter, drop down to 33300 USD which would be point C.
Indicators support feasibility of point B
Both RSI and MACD are at the bottom of a falling wedge.
Stochatic RSI is in the position of growth.
RVI is following an uptrend.
Trade active:
Broadening descending wedge in green colour has been formed with 5 points completed - suggesting a future bulls run after a retest of our last minimum at 42,000 USD.
Therefore, the price can be expected to head down to around 43,500-44,500 USD area within the red descending wedge and then head up towards 54,000-55,000 USD area.
Therefore, the price can be expected to head down to around 43,500-44,500 USD area within the red descending wedge and then head up towards 54,000-55,000 USD area.
Trade active:
It's been 3 weeks of flat. Finally, the price is breaking the orange wedge on 2D and is heading towards 38.2% Fib. Thereafter, in my view the price should go down a bit to bounce off the line and then rise up to 50% ‐ 55,000 USD and potentially to 61.8% - 62,000 USD. 50% or 61.8% would be a plausible mark for point B on Elliott before a dip to point C at 32,000 USD.
Comment:
Take into account that horizontal volumes show little resistance until 50% Fib.
Trade active:
Heading up to 38.2%
Comment:
I have published a new article with an updated TA: What's around the corner for BTC from Elliott & Wyckoff on 1D?! Please follow that analysis from today.
