Are you ready to dive into the latest analysis on Bitcoin and its potential future price movements? At Extreme Investor Network, we provide you with a unique perspective on the stock market, trading, and all things Wall Street. Let’s take a closer look at the daily chart of BTCUSD and explore some technical indicators and an alternative Elliott Wave Principle (EWP) count.
As we assess BTC’s correction and the Bull flag pattern, it seems like this pattern will continue for several more weeks. The green W-4 on the chart may transform into a double zigzag (WXY) correction, with a target ideally set at $54-55K. However, the current 100% bullish stance of Bitcoin’s chart makes this scenario less likely. To confirm a potential shift in market sentiment, we would need to see BTCUSD break back below the 20-day, 50-day, and Ichimoku Cloud levels.
At Extreme Investor Network, we always have a contingency plan in place. Our alternative outlook serves as insurance in case the market dynamics change. Until then, our analysis suggests that a bullish stance is the way to go, as long as the chart maintains its current structure.
Looking ahead, we remain optimistic about BTCUSD’s long-term prospects and anticipate a significant price increase to well beyond $100K. However, before that can happen, the Bulls need to overcome one final obstacle. By reclaiming the critical SMAs and breaking above the upper trendline of the Bull flag, they can solidify their position and pave the way for further gains.
Stay tuned to Extreme Investor Network for more insightful analysis and unique perspectives on the stock market, trading strategies, and everything related to Wall Street. Our expert team is here to guide you through the ever-changing world of finance and help you make informed investment decisions.