Tuesday Update 28.02.2023 - Bitcoin
We saw a very impulsive sell-off after the price reached our red trading zone mentioned in the update last week. Although the movement was anticipated, the whole structure of it gives us reason to believe that we could see a huge extension of our blue wave (i) on the upside.
Since the high at 25’200$ we saw a very clean a-b-c correction, which perfectly touched the 0.618 retracement at 22’841 and immediately pulled back from that level. For everyone who isn’t an Elliot wave expert, the 0.618 is usually the best target for a wave 1-2 setup.
We need bullish momentum in the next hours and days to establish a bullish orange wave 3 on the upside. As usual our trading zones can be used to build up positions, we at Mendenmein-Capital opened positions two weeks ago in our green trading zone, so we won’t open additional trades.
Keep in mind that the next hours are going to be important, because it is still possible that we already are in a big 1-2 setup (blue wave i). This scenario would mean that we would a decline of minimum -13% in bitcoin to a price level of at least 20’383$.
Important: We will implement video updates in the future, to get the most value for our subscribers. Please stay tuned!
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$