Bitcoin Price Analysis: Elliott Wave theory suggest higher levels in the short term

Bitcoin trades 1% higher on Tuesday after a lacklustre session.
Elliott Wave patterns suggest we could be looking for higher targets.

Rajan Dhall, MSTA FX Daily

BTC/USD 4-hour chart

Bitcoin has had a very lacklustre Tuesday and only trades 1% higher. It's pretty clear to see the pattern forming below the red lines are there to recognise the current 4-wave set up we have going. The next wave up could be projected to the 161.8% and 138.2% extension levels.

The way we can tell we are in an Elliott Wave pattern at the moment is clear from the wave 1-2 beginning. The wave 1-2 stopped exactly at the 61.8% retracement. Then the wave 2 extension stopped nicely at the 161.8% extension close to 6,923.05. Lastly, now the wave measurement from the wave 4 higher to low could extend near 7,500.00.

Additional levels

BTC/USD

Overview
Today last price	6474.87
Today Daily Change	68.68
Today Daily Change %	1.07
Today daily open	6406.19

Trends
Daily SMA20	6035.84
Daily SMA50	7995.64
Daily SMA100	8183.91
Daily SMA200	8266.74

Levels
Previous Daily High	6628.16
Previous Daily Low	5854.85
Previous Weekly High	6983.8
Previous Weekly Low	5683.95
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	6332.76
Daily Fibonacci 61.8%	6150.26
Daily Pivot Point S1	5964.64
Daily Pivot Point S2	5523.09
Daily Pivot Point S3	5191.34
Daily Pivot Point R1	6737.95
Daily Pivot Point R2	7069.71
Daily Pivot Point R3	7511.26

Author

Rajan Dhall, MSTA

FX Daily

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

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BTC/USD 4-hour chart

Additional levels

BTC/USD

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