Tuesday Update 17.01.2023 - Bitcoin
Let’s end the day with our updated analysis on bitcoin!
I think that the most important changes have been featured in our Ethereum analysis a few hours ago. However, there are a few small differences between the two cryptocurrencies, and I would like to provide investors on here with our updated counts.
As you mas see above, bitcoin is also trading inside a 5 wave setup marked in yellow. We estimate that bitcoin is still in its wave (iii) and will go sideways a few days in order to complete a wave (iv). After this consolidation, we expect that bitcoin will push further upwards in order to complete the wave (v) of the first big wave 1 – wave 2 setup.
In order to establish a sustainable foundation for the upcoming price rally, we really need a corrective wave 2 down after these massive gains in the last weeks. As soon as the price should reach the blue Fibonacci zone, investors can continue to build up more long position, we will keep you updated about the blue fibonacci zone.
The more detailed 8H count can be seen below, feel free to comment if you have a question!
Please notice that we are already invested in Bitcoin since the 15th of June, back then we announced our first positions here on tradingview.
I already informed everyone in the Ethereum analysis of our possible bearish alternative. As you may have seen from other Elliot wave analysts, we cover a bearish scenario too. Especially new investors should know that it is very important, regardless of the market dynamics, to always cover a possible alternative scenario.
There is a slight possibility that bitcoin still trades inside a downwards channel, which was first established back in mid-June. Since then, we would have an almost complete impulse, with the relative waves consisting of three separate a-b-c waves.
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$