Navigating Bitcoin BTC Bull Market: $120k+ After Correction
2024-12-16
Category: None

Hello, Skyrexians!

Tonight Bitcoin has printed another one leg up and touched our previous final target at $107k without correction. What does it mean? It means that targets for this bull run are going to be much higher. Anyway, the warning sign of correction is about to be flashed. Let's try to understand what is happening!

On the daily time frame we market the Elliott waves. Taking into account the maximum value of Awesome Oscillator (AO) current growth is still wave 3 because price reached new high but divergence on AO has happened without zero line cross. It means that currently  BINANCE:BTCUSDT  is printing wave 5 inside major 3. The big warning is the potential red dot printed by the  Bullish/Bearish Reversal Bar Indicator  , to see the confirmation we need to wait daily close, so everything can be changed. As always, alerts from this indicator are automatically replicated on my accounts. You can find the information in our  article on TradingView .

After printing red dot previously we have seen the drops in most of cases, so now it can be wave 4. Wave 4 has the target at 0.38-0.5 Fibonacci level. We suppose that price reach $86k and find support there for the new impulse to the upside. If we assume that wave 3 is finished here and wave 4 will be finished at the pointed out target, the wave 5 has the target zone between $120k and $140k. Anyway, it can be easily recalculated, we will update you with all changes.

Best regards,
Skyrexio Team

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