Bitcoin – I’ve been waiting for this signal 1 year!

13.06.2022 2:12 pm

Hello, everyone!

In my last analysis I told you that the long signal could be flashed at $24-25k. The price is $24k and I am waiting for the long signal confirmation.

The strongest bullish signal

Let’s take a look at the 1D BTCUSDT price chart on the MEXC exchange. The price reached 0.38 Fibonacci of the last downside impulse and got a rejection. The rejection also was from the 26-day moving average. After that the price dropped below the low at $26k to zone 27 Fibonacci level. $23-$24 k is the potential reversal level. The strong bullish divergence with MACD line and histogram is almost confirmed. I am waiting for confirmation to go all-in. The BTCUSDT and BTCUSD charts have some differences in the previous low level, but now I can see that on the BTCUSD chart (see below) the bullish divergence is also almost confirmed.

Fig1. BTCUSD chart

Elliott wave analysis

First of all let’s take a look at the weekly timeframe. I suppose that the Bitcoin is globally forming the terminal diagonal triangle – the only one Elliott formation where wave 4 can overlap the wave 1 and wave 3 is not the largest wave in the cycle. At the awesome oscillator we can see now the minimum value which usually corresponds with the wave 3.

Fig2. Elliott wave on the 1W timeframe

At the chart below I marked the subwaves of the wave 3. Here is the clear 1-2-3-4-5 wave formation. The wave 5 of the global wave 3 is about to end. We can also define it with the awesome oscillator. The maximum value of AO corresponds to wave 3 bottom. There is also the crossover of zero-line, it means that the wave 4 was also finished and now we can see the divergence between wave 3 and the current wave. The target for global wave 3 is 0.618 Fibonacci extension using the wave 1 and 2. We can see that the price is next to this target zone. From current price I expect the A-B-C correction.

Good luck!

Fig3. 1D Elliott waves formation.
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