Bitcoin BTC Price News Today: Bitcoin appears to be trying to break out of the local range, indicating a potential third wave rally. The current key point of interest is that Bitcoin is holding the orange support area,
Bitcoin Analysis Update
Bitcoin appears to be trying to break out of the local range, indicating a potential third wave rally. The current key point of interest is that Bitcoin is holding the orange support area, which may shift to upside support soon. According to Elliot wave, the tradable areas are the areas where one must move into a different scenario. Any wave four lows and third wave tops of the sub waves often result in very shallow pullbacks. For further upside continuation, smaller support areas should be considered. Bitcoin tends to do extended fifth waves, with a target of about 31,240. However, it sometimes goes higher, with the 1.618 extension at 32.2k being a bullish possibility. Even if Bitcoin gets rejected now, it can try again later.
Trading Areas
- The focus should remain on the upside as long as we are holding 29,137.
- The smallest support areas should always be relevant for further upside continuation.
- Sell larger support areas when moving into a different scenario.
- The market can be traded in tradable areas.
There is not much to add at this stage, but the analysis will be updated in the next video, which will be posted soon. Thanks for watching!
