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01/10/2023 03:17:26 GMT

Technical and Elliott Wave Analysis: Latest Bitcoin price forecast [Video]

Peter Mathers TradingLounge

Bitcoin has seen a recent climb back above $17,000, reaching a 3-week high. However, overall volume for the cryptocurrency has been diminishing, which could indicate that either a low point has been reached or that another low could potentially be on the horizon around the $15,000 mark. Technical analysis using the Elliott Wave theory suggests that there are currently two potential wave counts. The bullish count sees the current movement as part of wave (iii) of iii) of 1, while the bearish count sees it as part of wave c of (ii) of v) of 5. It is important to continue monitoring market trends and developments in order to make informed trading decisions.

Author

Peter Mathers

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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