BTC - 1D Elliott Wave Analysis
2025-01-08
Category: None

Greetings, this is a short update of the daily timeframe for Bitcoin.

It seems as if the red Wave B of the red ABC correction is in and we might have started the red Wave C which would take us into the blue Wave 4 support area which sits between the 0.236 FIB at 90942.3 USD and the 0.618 FIB at 68475.9 USD. 

Assuming the red Wave B is in we can now calculate first targets for the red Wave C which are the 1 to 1 FIB at 86777.1 USD, the 1.236 FIB at 83382.8 USD, the 1.38 FIB at 81377.2 USD and the 1.618 FIB at 78167.6 USD. 

Noteworthy is that the 1.38 FIB at 81377.2 USD target for red Wave C is in confluence with the 0.382 FIB at 81595.9 USD of the blue Wave 4 support which is the optimal target for a Wave 4.

In case we go up more directly we'd assume that the blue Wave 4 has finished the 30th December at 91510.0 USD which we deem as less likely at the moment.

Thanks for reading.

NO FINANCIAL ADVICE.