Bitcoin Price Analysis: Elliott Wave theory suggest higher levels in the short term
- Bitcoin trades 1% higher on Tuesday after a lacklustre session.
- Elliott Wave patterns suggest we could be looking for higher targets.
BTC/USD 4-hour chart
Bitcoin has had a very lacklustre Tuesday and only trades 1% higher. It's pretty clear to see the pattern forming below the red lines are there to recognise the current 4-wave set up we have going. The next wave up could be projected to the 161.8% and 138.2% extension levels.
The way we can tell we are in an Elliott Wave pattern at the moment is clear from the wave 1-2 beginning. The wave 1-2 stopped exactly at the 61.8% retracement. Then the wave 2 extension stopped nicely at the 161.8% extension close to 6,923.05. Lastly, now the wave measurement from the wave 4 higher to low could extend near 7,500.00.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
