Bitcoin - All time high this week! (wedge is breaking out)
2024-10-21

Comment your altcoin, and I will make a technical analysis for you in response to your comment!

Bitcoin is breaking out of the rising wedge pattern and will most likely hit a new all-time high until the end of this week or October! We can also see that a major bullish flag on the weekly chart is breaking out as well, so this is considered a double breakout.

I have 3 short-term profit targets: 70,079 is the first major swing high of the major bullish flag. 73,777 is the previous all-time high level, and 78,438 is a very significant resistance because it's the 1.618 FIB extension.

From the Elliott Wave perspective, this is extremely bullish as well. The combination of waves 1-2-1-2 creates an Elliott Wave bullish nest. That means we are currently in wave 3 of wave 3, and you probably know that wave 3 is usually the strongest of all of them. We can finally expect increased volatility!

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