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Bitcoin Price Analysis: Elliott Wave harmonics are at it again!

  • Bitcoin is down another 4.6% after heavy losses over the weekend.
  • Will the rout stopp at the Fib projection levels based on Elliott Wave theory?
Bitcoin Price Analysis: Elliott Wave harmonics are at it again!
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Daily Chart

Bitcoin has been following Elliott Wave theory to the point recently.

This is an example of the theory working to catch the pullback (https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-analysis-the-harmonicity-continues-on-the-hourly-chart-202003052208)

Now the bottom of the pattern has been broken the market will start to look for targets.

The next target would be the 261.8% Fib extension level but this current support will need to be broken. The current support is the consoldation high from 23rd December,

Then if that is the case the main low of 6,432.04 could be the major target low.

Bitcoin Price Analysis

Additional Levels

BTC/USD

Overview
Today last price7698.41
Today Daily Change-338.03
Today Daily Change %-4.21
Today daily open8036.44
 
Trends
Daily SMA209131.89
Daily SMA509289.65
Daily SMA1008412.14
Daily SMA2008709.03
 
Levels
Previous Daily High8899.6
Previous Daily Low8002.54
Previous Weekly High9180.49
Previous Weekly Low8405.51
Previous Monthly High10511.86
Previous Monthly Low8431.17
Daily Fibonacci 38.2%8345.22
Daily Fibonacci 61.8%8556.93
Daily Pivot Point S17726.12
Daily Pivot Point S27415.8
Daily Pivot Point S36829.06
Daily Pivot Point R18623.18
Daily Pivot Point R29209.92
Daily Pivot Point R39520.24

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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Bitcoin Price Analysis: Elliott Wave harmonics are at it again!