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Elliott Wave View: Bitcoin Next Short Term Support Area


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Short term Elliott wave view in Bitcoin (BTCUSD) suggests the rally from January 24, 2020 low has ended as a 5 wavesimpulse Elliott Wave structure. Up from January 24 low, wave ((i)) ended at 9570 and pullback in wave ((ii)) ended at 9075. The crypto currency then resumed higher in wave ((iii)) towards 10199.85 and the pullback in wave ((iv)) ended at 9706.94. Wave ((v)) of 1 is proposed complete at 10500.

Wave 2 pullback is in progress to correct cycle from January 24, 2020 low before the rally resumes. Internal of wave 2 is unfolding as a zigzag Elliott Wave structure where wave ((a)) ended at 10068 and wave ((b)) bounce ended at 10500. The next potential short term support area for wave ((c)) comes at 9759.61 9986.57. This is the 100% 123.6% Fibonacci extension of wave ((a))-((b)). From this area, Bitcoin can end wave 2 and extends higher or bounce in 3 waves at least. If Bitcoin instead extends above 10500 from here, then it suggests wave ((v)) of 1 remain in progress and can see a few more highs before ending wave 1. We dont like selling Bitcoin.

Bitcoin 1 Hour Elliott Wave Chart

Bitcoin 14 Feb



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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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