Bitcoin BTCUSD - Complete Elliott Wave + Falling wedge! (weekly)

2022年7月7日

- I do not see any reason why bitcoin should not respect the previous all time high support from 2017 (around 20 000 USD).
- The price is currently above 20 000 USD and we have had a capitulation wick to 17 600 USD to kick out high leverage traders.
- Bitcoin on the weekly chart is currently sitting on the main support: Previous 2017 Swing high + 0.786 FIB + ABC correction completed!
- The price is forming a falling wedge pattern, which is definitely a good sign that can lead to a new bullish trend.
- As per my Elliott Wave analysis - ABC correction should be completed successfully and we can start a new impulse wave.
- If we check the MACD indicator, we can spot a bullish divergence and the first bullish tick on the histogram!
- If this Elliott Wave analysis is wrong, then anyways we should go back to 28 000 USD to retest the 0.618 FIB level + trendline of the wedge.
- Look at my ideas about TOTAL crypto cap and BTC.D in the related section down below ↓
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