Bitcoin - New all time high this month! (must see)
2024-10-07

In the previous analysis, I recommended buying Bitcoin at 61k (falling wedge pattern). The current price is 64k and I predict Bitcoin to hit 73,777 in the next few weeks! This would be a new all-time high. Why is this level so important?

First we need to look at the previous price action because we have multiple lower highs at a similar price around 73k - 70k. The major liquidity is exactly at the major swing high! There are a lot of orders that the market wants, and that's why we can expect huge volume near this level. This level is definitely a good profit target, as we may see a significant short-term pullback there as well + consolidation period. After that, we may continue to levels above 100k. 

From the Elliott wave perspective, Bitcoin started its wave 3 and you probably know that waves 3 are usually the strongest and longest. Bitcoin has been in a sideways consolidation period since March 2024 and formed a triple three WXYXZ corrective pattern. This pattern is now confirmed as the price broke out of the symmetrical triangle and successfully retested it!

Write a comment, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! This is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!