Bitcoin: Advanced Elliott Wave Analysis 1D (Aug. 15)

X Force Global Analysis:


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In this analysis, we take a look at Bitcoin's daily chart and analyze based on Elliott Wave counts.

Analysis

- We have seen Elliott Impulse Waves (12345) on the cycles, leading to 20K
- Then, on the primary, we see an Elliott Corrective Wave (ABC), with Intermediate Impulse Waves consisting Wave A
- On the bigger cycle, the move down to 3.1k was part of a Elliott Triple Combo Wave (WXYXZ), completing Wave W
- We are currently in the process of completing the second Wave X, whose 0.618 Fibonacci target is at 13.2k
- After Wave X, awaits the final Wave Z. This wave's 0.618 Fibonacci target is at 9.4k, which aligns perfectly with the lowest point of the CME gap.

Market Sentiment:

The long short ratio is at 73 to 27, with significantly more longs than shorts in the market, as the market sentiment and trend is dominantly bullish.

What We Believe

We believe that a higher high is probable given this specific Elliott Wave count, but a form of correction or pullback almost becomes a necessity at this point.

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