Bitcoin (BTCUSDT) Technical Analysis Report
2024-11-23

Bitcoin (BTCUSDT) Technical Analysis Report

Summary:

In 2021, Bitcoin experienced a significant correction,  plummeting from $69,000 to $15,467. Utilizing Elliot Wave theory, our analysis accurately identified the subsequent Wave 5 formation,  forecasting a substantial upward movement.  This report outlines our technical analysis,  highlighting key levels and key wave formations.

Technical Analysis:


Key Levels:

- Resistance: $98,000, $106,000
- Support: $74,225, $650,927

Elliot Wave Pattern:

Our analysis revealed a textbook Elliot Wave pattern, indicating a strong bullish trend.  Wave 5,  typically the final wave of an Elliot Wave sequence, suggested a target near $98,000.

Indicators:

- RSI (14): 30-70 range
- MACD (12, 26): Bullish crossover
- Moving Averages: 50-day and 200-day MA golden crossover

Conclusion:

Our technical analysis, utilizing Elliot Wave theory,  accurately predicted Bitcoin's significant price appreciation from $15,467 to $98,000. This report demonstrates the effectiveness of combining Elliot Wave analysis with traditional technical indicators.

Recommendations:

- Long-term investors: Hold positions, targeting $98,000