Bitcoin Price Falters: Why Has The 5th Wave Been Elusive Below $100,000?
Bitcoin’s recent surge above $94,000 has brought a wave of bullish momentum across the crypto market. However, this rally has yet to gain real traction beyond $95,000. This elusive behavior is part of a wider trend that has seen the anticipated Bitcoin’s 5th wave breakout above $100,000 remain elusive. Bitcoin’s 5th Wave Appears To Be […]
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Bitcoin price sold off from just below $450 to $430. The market may be wondering whether this is the start of a downtrend, but wave analysis shows that the advance has more upside in store. A sell-off has drawn a long red candle in the price chart and retraced advance since Friday. According to the wave count in the chart, bitcoin price is apparently extending its 5th waves and has just completed wave 3 of the larger advancing wave. The current sell-off would count as wave 4, and that implies another advancing wave – wave 5. The 4th wave (today’s sell-off) had targeted the area (magenta....
The cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.
Bitcoin price has taken the low road as the market sells off prior to the block reward halving. Bitcoin price, how low will you go? Bitcoin price has done the expected unexpected and stepped over the edge. Those lucky so-and-so’s at xbt.social had a Sell trade open at 04h15 UTC when a valid sell signal (red arrow) was emitted across the timeframes we track (signal restricted to subscribers). Fib extension targets for the declining price wave are near $600 and $550. The Fib extension tool is drawn across the length of the declining wave that starts at the top-left of the chart. A wave count....
The market is continuing to break down as we have been expecting on these pages for the past several weeks. While I believe that the bear market will come to an end rather soon, I also anticipate that the market may finish its bear season with a vicious roar. I have stated on more than one occasion that I suspect that $316 will hold (on a daily closing basis). However, it would not surprise me if there were to be an intraday spike low that reached lower in the days ahead. For Elliott Wave reasons, I would be VERY surprised if the price went below $266, even briefly. Elliott Wave has but a....
Bitcoin price analysis provides some evidence that a new uptrend may be in effect. However, recent price action does not show the impulsive surge that normally follows a trend change. The analysis below lays out the evidence on the chart and forecasts the likely paths price may take. Brief. Since reversing from its low at $442 (Bitstamp) price has climbed above, and maintained, a mean price above $500. Even so, price action to the upside has been limp, and volume of trade has been lower than similar junctures in the past. Overall it would appear that downside is incomplete with the decline....