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BTC/USD Support at $30,000 Signals Potential Upswing: Elliott Wave Analysis

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Bitcoin's recent move has piqued the interest of Elliott Wave analysts, with support forming at $30,000 for BTC/USD. A potential uptrend, marked as Minute Wave iii), is under consideration, although confirmation awaits a further upward push. This confirmation could trigger long trades, reinforcing the bullish outlook for Wave iii).

Immediate short-term targets stand at $33,000 and $35,000, followed by $38,000 and $40,000 in the medium term. Notably, the pivotal Fibonacci 61.8% retracement level rests at $50,000 USD. Its significance could amplify if the bullish trend sustains.

Amidst Bitcoin's characteristic market dynamics, the convergence of technical analysis and sentiment suggests a transformative juncture. Traders and investors are closely monitoring evolving Elliott Wave patterns as Bitcoin's trajectory possibly gears up for a substantial shift. Stay tuned for updates as the cryptocurrency landscape unfolds.

Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817
Source: tradinglounge.com  Access trial at tradinglounge



#bitcoin #Elliottwave #Prediction 

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  • 2 weeks later...

It seems Bitcoin is doing the opposite of your analysis. It might be right but the fundamental wins the game. I guess I saw this coming when I used Dual Investment to keep track of my BTC trade

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What dictates the market is liquidity and trading and those indices have been dropping over the past few weeks. This dip is a cumulative effect of the activities in the past couple of weeks. For me, it's time to DCA and go passive with staking and futures trading if you got the skills. Gotta stay glued to my charts to do some leveraged trading on my favourite exchanges Kucoin and bitget

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