According to Elliott Wave, wave 4 should touch the trend-line taken from wave 1 to wave 3.
We are now at the moment where price has touched the bottom of that trend-line.
The moving averages on 4hr chart are of big importance. Price is currently touching the 200 Moving Average, this is one of my main indicators while trading.
Around the 5th of October we had a golden crossover where the 200 MA went below the 55 EMA. It's currently the first time that the 200 MA is getting tested.
On the 2hr chart we can already see some bullish divergence getting formed on the MACD.
We could see a price increase towards 24k where Bitcoin will hit the 0.618 Fibonacci level, which is the most common level for a wave 5 to travel to.
If for some reason we go below 16200, this would be invalid and price could even retrace back to 10K.
Trading wise you can risk 8% to make 33%.
We are now at the moment where price has touched the bottom of that trend-line.
The moving averages on 4hr chart are of big importance. Price is currently touching the 200 Moving Average, this is one of my main indicators while trading.
Around the 5th of October we had a golden crossover where the 200 MA went below the 55 EMA. It's currently the first time that the 200 MA is getting tested.
On the 2hr chart we can already see some bullish divergence getting formed on the MACD.
We could see a price increase towards 24k where Bitcoin will hit the 0.618 Fibonacci level, which is the most common level for a wave 5 to travel to.
If for some reason we go below 16200, this would be invalid and price could even retrace back to 10K.
Trading wise you can risk 8% to make 33%.