Bitcoin Elliott Wave and NEO Wave Analysis

 Bitcoin daily chart


From the above chart of BTC, prices are slumping from the top and currently the angle of the fall is shifting from 90 to 45 degrees which is an indication that prices are on the brink to change the trend from negative to positive.

As per Wave theory, prices faltered after ending diagonal pattern but at the bottom there is a reversal pattern happening which is Neo wave diametric pattern. In this pattern there are seven legs (a-b-c-d-e-f-g), in this case it has completed wave f and will move down last leg in form of wave g. Once it is over, prices will move higher towards $44500-$44700 levels.

The summation is prices can test the level of $30000 over short term followed by $44500-$44700 levels over medium term.

Comments

Sachin Gupta said…
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