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Wave analysis promises bitcoin a final push to the north

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BITCOIN UPDATE! price Update, Time Analysis, Elliott Wave 2-9

Wave analysis promises bitcoin a final push to the north

Wave analysis promises bitcoin a final push to the north
CONTENT

  • Bitcoin is likely within the fifth wave of a long-term bullish structure.

  • The price may rise to $ 17,100.

  • BTC may soon trigger the final wave of wave 5.

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Bitcoin is approaching the top of the bullish impulse structure that has been forming on the chart since early March.

Technical indicators suggest that BTC may make at least one more upside attempt to complete the pattern before it reaches the top..

Wave analysis promises bitcoin a final push to the north

Long-term wave analysis

Since the beginning of March, Bitcoin has been actively rallying within the bullish impulse pattern (white in the chart below). If our assumption is correct, this could mean that BTC is now inside the fifth – and final – wave of this price structure..

The most likely target for wave 5 could be the $ 17,000 area. We identified this level using the 3.61 Fib level of wave 1 extension and the 2.61 extension level of wave 4. This target also coincides with the 0.85 Fib level of the entire bearish retracement from the historical high of December 2017 (black color).

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Schedule BTC. Source: TradingView

Inside the fifth wave

A closer look at the aforementioned fifth wave demonstrates that the price may already be in its fifth and final sub-wave (orange). With the projection of wavelengths 1-3 we can isolate the target at $ 17,214. This level matches perfectly with our long-term analysis..

A decline below the bottom of wave 4 at $ 13,187 will reverse this scenario.

Wave analysis promises bitcoin a final push to the north

Schedule BTC. Source: TradingView

Short-term dynamics

Cryptocurrency trader @CryptoTony shared his own BTC wave analysis with his readers. According to its results, the price is trading inside a symmetrical triangle, completing sub-wave 4. Further, CryptoTony expects a bullish breakout and calls the $ 17,000 area of ​​the pattern completion..

Source: Twitter

Further sub-wave analysis (blue on the chart) of the above sub-wave 5 also suggests that the price is preparing to complete the movement, and we get a similar target – around $ 17,116.

However, you can see that instead of a correction in the triangle, BTC seems to have already formed a subwave 4, marking the low of $ 14,439 on November 7th. This low also tested the resistance line of the parallel channel as part of the fourth wave pullback..

In this regard, it seems to us more likely that the price has already completed the correction rather than is still trading inside the triangle..

Schedule BTC. Source: TradingView

Wave analysis promises bitcoin a final push to the north

Conclusion

Thus, the bitcoin rate, apparently, is approaching the end of the bullish move. Several Fibonacci levels indicate that the price may peak around $ 17,100, after which it will finally begin to decline.

You can also read the latest Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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