Bitcoin’s (BTC) Wave Count Offers Outline to Future Movement

Bitcoin (BTC) has been moving upwards since June 18. It is possible that this is the beginning of a long-term wave five.

There are two main possibilities for the long-term Bitcoin (BTC) wave count. 

The bullish one suggests that Bitcoin has just begun the fifth and final wave of a five-wave upward movement (white) that started in March 2020. 

The main factor that supports this possibility is the fact that the bottom of wave four occurred right at the channel connecting the highs of waves 1-3 and lows of waves 2-4. Moreover, the corrective waves two and four had very similar lengths. 

A decrease below wave one high at $13,880 (red line) would invalidate this particular count since wave four would drop into wave one territory.

Short-term BTC count

If the proposed count is correct, the short-term count would indicate that since the all-time high, the price has completed an A-B-C corrective structure (red), in which waves A:C has had an exactly 1:1.61 ratio. This is the second most common ratio between the waves after the 1:1 one. The sub-wave count is given in black. 

If correct, this would mean that a new five-wave upward movement has begun. A decrease below the sub-wave two low (red line) at $20,700 would invalidate this particular wave count.

Alternate scenario

Cryptocurrency trader @Thetradinghubb tweeted a chart of BTC which shows a complex corrective structure. In it, Bitcoin will make another low towards $15,000 prior to the continuation of the upward movement. However, he suggested that the proportions are off, leading him to believe that this is not the correct count.

So, the only other potential count would indicate that the entire five-wave upward movement has come to an end, and the price has now begun a long-term A-B-C correction (white). The sub-wave count is given in black, suggesting that the price is in sub-wave four and will decrease once more in order to finish sub-wave five.

While the decrease is proportional, the issue with this count is the shallow waves four and five (white). Due to these discrepancies, the bullish count remains more likely.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Bitcoin’s (BTC) Wave Count Offers Outline to Future Movement appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

Has the U.S. Dollar Index (DXY) Completed Its Uptrend?

After months of upward movement, the U.S. dollar index (DXY) may have peaked and initiated a downtrend. In early August, the DXY broke down from its long-term,…

20000% in One Minute on Play to Earn Game Tothesmart

PRESS RELEASE. The crypto enthusiast has got 10,032 BUSD into their wallet by buying virtual miners in the Play To Earn game Tothesmart for only 50 BUSD….

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days

The Merge has successfully been implemented into Ethereum’s third and final testnet, Goerli, after previously adding Merge support to the testnets Sepolia and Ropsten. The Merge was…

Arsenal Loses Appeal Over Misleading Crypto Advertising

Premier League giants Arsenal F.C. have lost an appeal and been given a second warning by the U.K.’s Advertising Standards Authority (ASA) over the “misleading” marketing of…

Medieval Empires: Ertugrul To Ease Entry Into Web3 Gaming

In light of blockchain gaming’s advancement into the mainstream gaming industry, Medieval Empires: Ertugrul’s founding team attended the Blockchain Economy Istanbul Summit, the biggest blockchain event in…

Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10%

Cosmos rose to its highest point since May earlier in today’s session, as crypto markets surged on Thursday. The global market cap is trading over 6.27% higher…