BITCOIN - Crypto Winter Coming To An End - Macro View ð
Our last couple of Bitcoin analysis were short biased. We seemed to have blown past our short targets, which made us reassess the overall higher timeframe analysis.
From a macro point of view, we can see that Bitcoin is still following the Elliot Wave Impulsive schematic.
On the weekly timeframe, we can see that we're still in Wave 3. Wave 3 has 5 subwaves and we are currently in Subwave 4, which is an ABC correction. Subwave 4 shouldn't go beyond Subwave 1 (of the bigger Wave 3). This level falls at around 13600. This macro view will be valid as long as price doesn't go below 13600.
Trade Idea:
- Watch for bullish reversal patterns on lower timeframe
- Enter with stops below that level. Safer stops below 13600
- Targets: 50K, 65K. Longer term target 80K
See linked charts for our previous Bitcoin analysis.
We will be updating this chart frequently!
Goodluck and as always, trade safe!
Saveable post:
From a macro point of view, we can see that Bitcoin is still following the Elliot Wave Impulsive schematic.
On the weekly timeframe, we can see that we're still in Wave 3. Wave 3 has 5 subwaves and we are currently in Subwave 4, which is an ABC correction. Subwave 4 shouldn't go beyond Subwave 1 (of the bigger Wave 3). This level falls at around 13600. This macro view will be valid as long as price doesn't go below 13600.
Trade Idea:
- Watch for bullish reversal patterns on lower timeframe
- Enter with stops below that level. Safer stops below 13600
- Targets: 50K, 65K. Longer term target 80K
See linked charts for our previous Bitcoin analysis.
We will be updating this chart frequently!
Goodluck and as always, trade safe!
Saveable post:
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2week timeframe
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Daily
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