Part 3 - Bitcoin and the Next Crypto Bull Market
Part 3 – 2H Chart – The Last Sell-Off and The Big Rise
Intermediate (C) (red) – Elliott Wave Analysis
Minor 1 (red) breached through the Ascending Channel in Intermediate (B) (red), and thus, a new bearish door has been opened for BTC/USD. Minor 1 (red) shows an extension in Minute iii (red) and a Triangle in Minute iv (red).
Minor 2 retraced the default 50-61.8% Fibonacci Retracements of Minor 1 (red), unfolding within an Ascending Channel, in Double Three, within its WXY (purple) sub-waves.
Minor 3 (red) already commenced a possible bearish impulse, with Minute i (red) hovering around the lower trend-line of the Channel, awaiting the breach and the sell-off confirmation.
Should the breach occur, within Minor 3 (red), Minute ii (red) would be expected to retrace and retest the Channel with a 61.8% pull-back towards approx. $6500.
Minute iii (red) could reach lower, towards the 100% Fibonacci Extensions of Minors 1 & 2 (red), which would reflect the $5500 vibration zone.
Minute iv (red) would retrace approx. 38.2% of Minute iii (red), after which Minute v (red) could reach as low as $4800 levels before a retest of the $5500 levels.
As this projected impulse would unfold, and if the analysis would be on track with the mentioned projections, then BTC/USD would bottom out at or around the $3500 levels, along with Minor 5 (red).
BTC/USD Summary:
*Long-term: Bullish from the $3500 levels, towards an amazing bullish journey, projecting as high as $35000 levels.
Intermediate (C) (red) – Elliott Wave Analysis
Minor 1 (red) breached through the Ascending Channel in Intermediate (B) (red), and thus, a new bearish door has been opened for BTC/USD. Minor 1 (red) shows an extension in Minute iii (red) and a Triangle in Minute iv (red).
Minor 2 retraced the default 50-61.8% Fibonacci Retracements of Minor 1 (red), unfolding within an Ascending Channel, in Double Three, within its WXY (purple) sub-waves.
Minor 3 (red) already commenced a possible bearish impulse, with Minute i (red) hovering around the lower trend-line of the Channel, awaiting the breach and the sell-off confirmation.
Should the breach occur, within Minor 3 (red), Minute ii (red) would be expected to retrace and retest the Channel with a 61.8% pull-back towards approx. $6500.
Minute iii (red) could reach lower, towards the 100% Fibonacci Extensions of Minors 1 & 2 (red), which would reflect the $5500 vibration zone.
Minute iv (red) would retrace approx. 38.2% of Minute iii (red), after which Minute v (red) could reach as low as $4800 levels before a retest of the $5500 levels.
As this projected impulse would unfold, and if the analysis would be on track with the mentioned projections, then BTC/USD would bottom out at or around the $3500 levels, along with Minor 5 (red).
BTC/USD Summary:
- Short and medium-term: Bearish from the $6500 levels, towards the $3500 levels.
*Long-term: Bullish from the $3500 levels, towards an amazing bullish journey, projecting as high as $35000 levels.
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