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In our previous discussion, we briefly alluded to the emergence of a bullish reversal bar in the price, accompanied by an initiation of momentum reversal. Today, it appears that the price surge may already be in progress.
Our objective is to gain insight into the potential price structure. An analysis using Elliott Wave theory indicates the completion of waves A and B, with our focus now directed towards capturing the upswing within wave C.
Wave B culminated within the 0.61 Fibonacci retracement level, as we previously noted, characterized by a bullish reversal bar on the 4-hour chart. This marked the initial indication of a reversal. Subsequently, the alteration in momentum served as the second signal, followed by the breakout at the $26,460 level as the third signal.
To summarize, we presently possess a high probability scenario of a 5-wave Elliott Wave structure, with the ultimate target set at $28,600, followed by a substantial downturn.
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In our previous discussion, we briefly alluded to the emergence of a bullish reversal bar in the price, accompanied by an initiation of momentum reversal. Today, it appears that the price surge may already be in progress.
Our objective is to gain insight into the potential price structure. An analysis using Elliott Wave theory indicates the completion of waves A and B, with our focus now directed towards capturing the upswing within wave C.
Wave B culminated within the 0.61 Fibonacci retracement level, as we previously noted, characterized by a bullish reversal bar on the 4-hour chart. This marked the initial indication of a reversal. Subsequently, the alteration in momentum served as the second signal, followed by the breakout at the $26,460 level as the third signal.
To summarize, we presently possess a high probability scenario of a 5-wave Elliott Wave structure, with the ultimate target set at $28,600, followed by a substantial downturn.
🔔Follow us and never miss update
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