Tuesday Update 31.01.2023 - Bitcoin
After very turbulent days, we have reached a point where bitcoin slowly crawls from high to high.
We slightly adjusted our count, we estimate that the high of 23’353$ (21 January!) was the wave (i) high. This adjustment was made because the chart movements since then are straight up “awful” and resemble corrective waves, as the Elliot wave theory suggests. For everyone interested, just set your chart to 30min or lower and observe the movements of the past days, nearly all price movements resemble a-b-c waves!
Therefore, we expect that wave (i) is over and that we are in a corrective (ii) wave. Just as I mentioned in our Ethereum update, the FED meeting tomorrow could move the markets irrationally. However, we don’t think that this event will have any major impact on our count, which suggests that we should establish a wave (ii) in bitcoin in order to create a sustainable foundation for future bullish waves…
Since we estimate that Ethereum moves in a “flat” correction we marked the same purple a-b-c waves on the chart, regardless of the structure of those waves we can clearly say that the whole market has to move down by -10% to -15% in the next weeks. We will accumulate further positions too as soon as bitcoin reaches our blue retracements. Stay tuned and make sure to set alarms accordingly!
Please notice that we are already invested in Bitcoin since the 15th of June, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
AVERAGE EXECUTION PRICE: 20’714.20$
STOP-LOSS: NONE
LONGTERM TARET: +120’000$