Bitcoin - 1D Elliott Wave Analysis
2024-11-20

Greetings, this is my current Elliott Wave count for Bitcoin on the daily timeframe.

In August we bottomed in the green Wave 4 and are working on green Wave 5 since then.
Of this green Wave 5 we have finished blue Wave 1 and 2 and are close to finishing blue Wave 3 after which we expect a pullback in blue Wave 4 before another rally.

Next targets for blue Wave 3 are the 1.618 FIB at 95'359 USD and the 1 to 1 FIB at 98'322 USD.
In case of an extension we'd be looking at the 1.38 FIB of a higher count at 112'194 USD which is right below the 1.236 FIB at 115'948 USD and then the 1.38 FIB at 128'222 USD.

Support for blue Wave 4 is between the 0.236 FIB at 84'857 USD and the 0.618 FIB at 68684 USD.
Noteworthy is that our previous ATH is around the 0.5 FIB at 73679 USD which could function as further support if we reach it.
Be aware that the blue Wave 4 support can morph and change if blue Wave 3 extends to the upside.

Thanks for reading.

NO FINANCIAL ADVICE.