Bitcoin forecasting the rally after three waves pull back
In this technical article we’re going to take a quick look at the Elliott Wave charts of Bitcoing BTCUSD , published in members area of the website. As many of our members are aware, the crypto has given us good buying opportunities recently. BTCUSD is showing impulsive bullish sequences in the cycle from the 52598 low , that are calling for a further strength. In the further text we are going to explain the Elliott Wave Forecast.
BTC/USD Elliott Wave one-hour chart 12.10.2024
BTCUSD completed wave 4 (red) at the 92154 low and wave ((ii)) (black) at the 94275 low. Both corrections formed Elliott Wave Zig Zag patterns. Currently, we are near completing the intraday pullback (ii) (blue). As long as the price stays above the 94275 low, and more importantly above the 92154 low, we expect further strength in the crypto. This could ideally lead to new highs. We advised against selling.
BTC/USD Elliott Wave one-hour chart 12.13.2024
Bitcoin held above the 94275 low and rallied further, as expected. The current view suggests that we completed a 5-wave rally from the 94275 low, labeled as (i) blue. We may see a 3-wave pullback toward the 50-61.8% Fibonacci zone, around 98392-97406, before more upside. The next target area to the upside is between 106326 and 110716.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
