Bitcoin Price News Today: Technical & Elliott Wave Analysis!

Hey hello and welcome to another update video about Bitcoin. Yeah, just a quick update on what’s been happening in the cryptocurrency market. Throughout the day, not much has happened. The altcoins have been selling off a little bit, but nothing major. Bitcoin, on the other hand, has been very resilient and doesn’t seem to want to give up.

Bitcoin is still in a range, and all options are still on the table. I’m slightly leaning towards the idea of a triangle pattern. We’ve been talking about this triangle pattern, mainly AB BCDE. The E-wave could go a little lower, or the triangle could break below the low of the C-wave. We want to avoid a break below $33,500. If that level is broken, the focus could shift to the downside. However, it’s not a high-confidence scenario because there are other corrective patterns that could play out, such as the highlighted orange WXY structure, which would reset the wave for a little lower.

If we do go down lower and break below the C-wave low, then I will likely see this as a larger degree wave four. Until then, another extension in wave three is still favored. But it’s not crystal clear at this point. It could also be that wave five has already started, but it’s not very evident yet.

If we have a triangle pattern like this one, there are two stages of confirmation to understand that it has finished. The first stage of confirmation is a break beyond the D-wave high, which in this case is at $34,320. This break suggests that wave five has started. The second stage of confirmation is a break above the B-wave high at $35,100. This confirms that the triangle is broken. However, confirmation doesn’t guarantee anything. It just increases the probabilities.

These triangles often turn into something else in the crypto market. The move off the highs is certainly not bearish. We have very corrective wave structures and a lot of overlapping price action. It’s not impulsive to the downside, but it’s also not impulsive to the upside. So, we continue to be in a range. I wouldn’t rule out the possibility of the E-wave resetting a little lower, but it’s bound by the low of the C-wave, which must not be taken out to the downside.

If we break below the low of the C-wave, then it’s likely the orange wave count, which I’m counting as a WXY structure. In the Y-wave, we have the ABC, and the C-wave can go down quite a bit. Technically, this circle wave four could reset a little lower, but for me, it would just be too massive and would take too much time. So, for this particular wave degree, I would assume a larger wave four is unfolding, which could technically stretch out all the way down to $29,450. However, my view is that I will turn bearish below $29,450, but already below $30,510, which is the 50% retracement level, I would start to have some concerns about the continuation. So, $30,510 will be my first warning level. Until then, trend continuation is favored.

In summary, there hasn’t been much movement in the cryptocurrency market. Bitcoin is still in a range, and all options are still on the table. The triangle pattern is a possibility, but it needs confirmation through a break above the D-wave high and the B-wave high. The market is currently moving sideways, and consolidation is happening at a high level. It’s important to keep an eye on key support levels, such as the low of the C-wave, as a break below that could indicate a larger wave four unfolding. However, until then, trend continuation is favored.