BTC - 1H Elliott Wave Analysis
2025-02-02
Category: None

Greetings, here is an update on the Elliott Wave Count for Bitcoin.

It seems the lower timeframe support area didn't hold and we are going down lower at the moment. As mentioned in the last update, a break of the support area indicated a reset of white Wave 2. In this case the correction might be unfolding as ABC displayed in red here.

The white Wave 2 support area sits between the 0.5 FIB at 97682.3 USD and the 0.786 FIB at 92667.2 USD. The next targets for red Wave C are the 1 to 1 FIB at 97680.0 USD, the 1.236 FIB at 95718.0 USD, the 1.382 FIB at 94523.9 USD and the 1.618 FIB at 92625.3 USD.

For the red Wave C we added a low timeframe count in displayed turquoise.
Technically we could've finished the five Waves but extensions are possible.
If we extend we want to see a Wave 4 now.

The support area for turquoise Wave 4 sits between the 0.236 FIB at 99973.6 USD and the 0.5 FIB at 102056.0 USD. If we touch the 0.618 FIB at 102986.8 USD the Wave 4 gets invalidated and we either have the low in or form a bigger correction. 

Alternatively the white Wave 2 could still be in on the 27th January low at 97680.0 USD and the move up was orange Wave A and the sell of orange Wave B and next we would get orange Wave C. This is not the preferer count but we want to make you aware of it. :)

Noteworthy is that the red Wave C targets are perfectly in confluence with the white Wave 2 support area and additionally the 1 to 1 FIB target at 97680 is right on top of the last swing low.

Thanks for reading.

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