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

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

 

 

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