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Bitcoin: Five Waves Up - Going Higher?

By Dr. Arnout ter Schure CryptocurrencyJun 19, 2023 03:06PM ET
www.investing.com/analysis/bitcoin-five-waves-up--going-higher-200639175
Bitcoin: Five Waves Up - Going Higher?
By Dr. Arnout ter Schure   |  Jun 19, 2023 03:06PM ET
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Bitcoin (BTC) made an almost picture-perfect Fibonacci-based impulse pattern, from last week’s low where grey waves I, iv, and v topped and bottomed almost precisely where they ideally should (green boxes). See Figure 1 below.

Grey wave-v of green W-1/a should now be underway as it has reached the 176.40-200.0% extension and note grey W-i comprised five (orange) waves as well. This is the first time we have seen it this good and evident in a while.

So, green W-1/a is most likely topping, and green W-2/b to ideally $25600-26200 should soon be underway, and then the next rally should target at least $28000 but preferably $29500+ for green W-3/c. Thus, a low-risk/high-reward setup (green W-2/b) is in play, because BTC must hold last week’s low at $24758 to allow for this path to unfold.

Figure 1:

BTC/USD Daily Chart
BTC/USD Daily Chart

Bigger picture-wise, the larger (black) b-wave we have been tracking -see Figure 2 in our last update- has likely bottomed, and a C-wave rally to $36-48K, with $42K as the optimal middle, should be underway, with the only caveat that this is a smaller counter-trend (a-b-c) bounce staying below the April high.

Hence, why we project an initial upside potential of $28-29.5K. From the EWP we know, C-waves comprise five waves. In this case, W-i, ii, iii, iv, and v. Thus, if we see five green waves up from last week’s low development to ideally around $30500 over the next few days to weeks, then we know those five are only W-i of W-c of W-B. For now, and at this stage we take it step by step and focus on green W-2/b and 3/c.

Once complete, we will monitor for the potential, albeit highly likely, W-4 and W-5.

Bitcoin: Five Waves Up - Going Higher?
 

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Bitcoin: Five Waves Up - Going Higher?

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Comments (2)
David Willey
David Willey Jun 20, 2023 7:28AM ET
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It's all Greek to me. Like the conclusion in since even without Greek I know I am under water'
Dr. Arnout ter Schure
Dr. Arnout ter Schure Jun 20, 2023 7:28AM ET
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Please read, study, and learn the EWP. It takes time, but it is your responsibility to constantly learn and improve as we are always students of the markets. Do not dismiss that you do not understand, but see it as a challenge to master a new subject.
Cryptocurrency global Network
Cryptocurrency global Network Jun 20, 2023 6:14AM ET
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Best analysis ever
Dr. Arnout ter Schure
Dr. Arnout ter Schure Jun 20, 2023 6:14AM ET
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Thank you, and we have the w-3/c blast off already, with a bare minimum W-2/b... That's (very) Bullish.
 
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