Eric Morera

Elliott Wave View: Rally in Bitcoin May Fail


Short Term Elliott Wave View in Bitcoin shows a 5 swing bearish sequence from November 10, 2021 high favoring more downside. Decline from there is unfolding as a . Down from November 10, wave (A) ended at 53308.93 and wave (B) ended at 59099.64. The crypto currency then extended lower in wave (C) towards 41967.50 and this completed wave ((W)) in higher degree. Rally in wave ((X)) ended at 52089.1.

Bitcoin extended lower again and it has broken below wave ((W)) confirming that wave ((Y)) has started. Wave ((Y)) lower is unfolding as a zigzag structure. Down from wave ((X)), wave (A) ended at 39558.7 with internal subdivision as a 5 waves impulse. Wave (B) has either completed already or it can see a marginal high towards 44418 – 46355 blue box area before the crypto currency resumes lower. Near term, as far as pivot at 52089.11 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower in Bitcoin is 100% – 123.6% Fibonacci extension from November 10, 2021 peak. This area comes at 19061 – 25341 where strong support can be seen.

Bitcoin 60 Minutes Elliott Wave Chart

BTCUSD 60 Minutes Elliott Wave Video


#elliottwave #trading #bitcoin

Elliott Forecast
Elliott Forecast (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 52 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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