Elliott Wave analysis: Bitcoin is buy the dip [Video]

Bitcoin is coming higher, now finally breaking to new highs of 2023, moving out of a consolidation that has been in play since March of this year. We can see a nice and strong rise now, with some sharp exentions to 35k so we assume that more upside can be seen as recovery on 8h time frame is acting like an impulse. As such, be aware of further gains within a five-wave cycle for wave (C)/(3) up to around 38-40k area. Currently it seems to be still trading in wave 3, potentially finishing subwave "v" of 3, so more upside is in view, just be aware of a higher degree wave 4 correction that can find the support around 33k-31k area.

If Bitcoin suddenly jumps straight up from here and it reaches a new high, than black wave 3 can still be in progress, but just more extended. The idea is to look for potential opportunities on the long side, meaning within an uptrend, but after a deeper retracement, ideally at the 23.6-38.2% Fib, which currently stands at 32-33k area. But of course these fibs will be higher if wave 3 gets extended. 

For a detailed view and more analysis like this, you many want to watch our latest video analysis from live webinar recorded on November 06 2023 below:

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