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.

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.

Bitcoin Elliott Wave Theory

Additional levels


Today last price 6474.87
Today Daily Change 68.68
Today Daily Change % 1.07
Today daily open 6406.19
Daily SMA20 6035.84
Daily SMA50 7995.64
Daily SMA100 8183.91
Daily SMA200 8266.74
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price prepares for 125% breakout to $0.000089

Shiba Inu (SHIB) has been downtrending within a pattern for almost the whole of November. After hitting the low of the month on Friday, with global markets in panic mode, investors could spot buy opportunities as concerns about the new Covid variant started to ease.

More Shiba Inu News

XRP price collects the liquidity it needs to surge towards $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple can rebound swiftly and move higher.

More Ripple News

Solana bulls return to the market wanting to push SOL price to new all-time highs

On Friday, Solana (SOL) price saw a 16% swing to the downside as markets got rattled by concerns over a new Covid variant. Investors, however, used the weekend to reassess the situation and quickly bought into SOL price action on Monday as bulls pushed price up to close above the monthly pivot at $185.

More Solana News

Sandbox outperforms with double-digit gains ahead of SAND's Alpha launch

Sandbox, a virtual blockchain network, is dominating the metaverse with its double-digit price gain. Sandbox is offering exclusive NFTs to community participants holding the Alpha Pass.

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!