Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Title: Bitcoin Breakout: Where Can Bitcoin Go Next?

Introduction:
In this update video, we will discuss the recent breakout of Bitcoin and explore the potential target range for its price. We will also highlight the importance of tracking bullish support and analyze the historical volume to gain insights into Bitcoin’s future movements.

Spotlight on Chart Prime:
Before diving into the analysis, let’s take a moment to highlight our sponsor, Chart Prime. Chart Prime offers a range of specialized trading view indicators designed to support traders on their trading journey. These indicators provide enhanced entry and exit signals, decipher market trends, and offer valuable market insights. To sign up with Chart Prime and enjoy a discount, follow the link in the description.

Bitcoin’s Target Range:
The target range for Bitcoin’s price lies between 44k to 53k, which aligns with the ideal Fibonacci extension zone for the anticipated third wave. While this target range is not guaranteed, it has been a focus since the first wave topped in April. It is important to note that the current structure of Bitcoin’s price movement is not perfect, leaving room for the possibility of a high B wave. However, we continue to track bullish support and monitor for any potential breakouts.

Breakout Possibilities:
Bitcoin had previous opportunities to break out in July but failed to do so, resulting in a reset to lower levels. However, the current wave two pullback has shown signs of a potential third wave breakout. It is worth mentioning that during wave two pullbacks, many people remain bearish and expect new bear market lows. However, the wave two pullback has fulfilled its purpose, and the assumption is that we are now in a third wave.

Analyzing Volume Profile:
Analyzing the volume profile, we can observe that after the breakout, there is not much historical volume until we reach the range of 37k to 39k. This suggests that Bitcoin may face some difficulty in pushing above this range, potentially leading to consolidation or even rejection. The next psychological resistance level to watch out for is 40k, where volume starts dropping. Beyond that, the next target range lies around 47k to 48k, which corresponds to a previous swing high.

The Road to All-Time Highs:
While reaching new all-time highs may seem like a distant possibility, it is essential to acknowledge that Bitcoin’s journey to this milestone may still be a rocky road. The resistance levels mentioned earlier, along with potential consolidation and market fluctuations, may pose challenges. However, the focus remains on tracking bullish support and staying aligned with the trend.

Shorter Time Frame Analysis:
On the shorter time frame, it is crucial to focus on the larger time frame and avoid getting caught up in micro counts that could lead to confusion. As long as Bitcoin holds above $29,450, we can expect at least one more high. However, it is essential to give the market space and be prepared for potential pullbacks. The daily RSI is currently overbought, and while it can still push higher, there is a resistance around 90. Building a bearish divergence and a potential drop in price can be expected.

Conclusion:
Bitcoin’s recent breakout has opened up possibilities for further price appreciation. While the target range of 44k to 53k remains the focus, it is important to track bullish support and remain cautious of potential resistance levels. Reaching new all-time highs may not happen immediately, but the current trend suggests a positive outlook for Bitcoin.

FAQs:

1. What is the target range for Bitcoin’s price?
– The target range for Bitcoin’s price is between 44k to 53k, which aligns with the ideal Fibonacci extension zone for the anticipated third wave.

2. Why is it important to track bullish support?
– Tracking bullish support helps us understand when Bitcoin’s price may break out and provides insights into its future movements.

3. What are the potential resistance levels to watch out for?
– Bitcoin may face resistance around the range of 37k to 39k and the psychological level of 40k. Beyond that, the next resistance lies around 47k to 48k.

4. Can Bitcoin reach new all-time highs soon?
– While reaching new all-time highs is a possibility, it may still be a rocky road with potential challenges, consolidation, and market fluctuations along the way.

5. What should traders focus on in the shorter time frame?
– Traders should primarily focus on the larger time frame and avoid getting caught up in micro counts. Tracking bullish support and being prepared for potential pullbacks is crucial.

In conclusion, Bitcoin’s recent breakout has opened up possibilities for further price appreciation. While the target range remains the focus, it is important to track bullish support, be cautious of potential resistance levels, and stay aligned with the trend. Reaching new all-time highs may not happen immediately, but the current trend suggests a positive outlook for Bitcoin.