Wave analysis for bitcoin (this is 1 of infinite possibilities)

28 Agu 2023

Of all the possible future projections we have for the price of Bitcoin, this is the projection that has the highest probability of being fulfilled.

The main reasons for the above statement are:

- Using the Fibonacci extension tool, we can see that both the extension of wave 'C' (at 1.618) and the extension of sub-wave 'C' (at 2.618) coincide at the same point (21,839).
- It would be advantageous for major institutions if the price reached that point, as it would break the strong support at 24,800, causing significant sell-offs, enabling them to buy large amounts of Bitcoin without needing to decrease the price significantly.
- A perfect Elliott wave structure has formed, meaning both wave 2 and wave 4 have experienced precise Fibonacci level retracements, and likewise, waves 3 and 5 coincide with Fibonacci extensions.
- The target point (21,839) precisely aligns with the Fibonacci 0.618 retracement level of a larger scale.
- The target point (21,839) would coincide with a very important support line (the lower part of the black channel).


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14 Sep 2023

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Things have changed in the market... Right now the price was rejected considerably from the most important support (24800) and besides that, it was formed a bullish divergence with RSI, so we decide to change our perspective in the Elliott wave analysis to a bullish escenario.
In this update, which is totally valid (aligns with all the Elliot wave rules) the wave C is finished at 1 fibonacci extension of wave A, and sub-wave C is finished at 1,618 fibonacci extension of sub-wave A, so we expect a strong bullish escenario from now.