BTC/USD support at $30,000 signals potential upswing [Video]

Peter Mathers TradingLounge

Bitcoin's recent move has piqued the interest of Elliott Wave analysts, with support forming at $30,000 for BTC/USD. A potential uptrend, marked as Minute Wave iii), is under consideration, although confirmation awaits a further upward push. This confirmation could trigger long trades, reinforcing the bullish outlook for Wave iii).

Immediate short-term targets stand at $33,000 and $35,000, followed by $38,000 and $40,000 in the medium term. Notably, the pivotal Fibonacci 61.8% retracement level rests at $50,000 USD. Its significance could amplify if the bullish trend sustains.

Amidst Bitcoin's characteristic market dynamics, the convergence of technical analysis and sentiment suggests a transformative juncture. Traders and investors are closely monitoring evolving Elliott Wave patterns as Bitcoin's trajectory possibly gears up for a substantial shift. Stay tuned for updates as the cryptocurrency landscape unfolds.

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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