BitcoinCryptos

Elliott Wave Analysis & Forecast, BTCUSD, Bitcoin, D1, 9th Feb, 2022

IDEAL SCENERIO OF BITCOIN

In my preferred count, Bitcoin is moving down to complete its last leg of blue wave 5 of red wave C of green wave [4] and I think blue wave 4 ended by placing short to medium term top at 45400. If this area protected then we will see a sharp decline in blue wave 5 towards ideal target area 28000-29000 or even low. Once this bottom is placed we will see last rally in green wave [5] towards 90000 area or even above. Only break above recent top at 45400 will invalidate our idea scenario forcing us to shift on alternate count.

 

ALTERNATIVE SCENERIO OF BITCOIN

In our alternative scenario green wave [5] has completed its structure in five waves and place top at 68925. This also complete red wave (1) and now we prices are going to complete red wave (2) in double zigzag correction.

At the current moment, blue wave a is forming towards 50000 where blue wave a will be completed and then we will see correction in blue wave b before finally rally in blue wave c of green wave [X] towards 68000 area. Once this top will place we will see a final decline in green wave [Y] of red wave (2).

Trade Recommendation: We will see opportunities when blue wave b will form.

 

Muhiuddin

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