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Using the Elliott Wave Principle (EWP), I showed last week that Bitcoin (BTC) was wrapping its last 4th and 5th lower c-waves. See figure 1 below. I was thinking that the “(green) wave 4 is still going on and should be split into a small (gray) wave that reaches a well-targeted area of ​​about $ 33K + / 1K.

Based on the latest available data, I have adjusted this target to decrease…. If it does, BTC should do one last thing to reduce the 5-wave to $ 23 +/- 1K. ” Now, the four waves are always real tricks (see here), and the only thing we got was $ 31K as the split didn't happen.

Figure 1. Daily Bitcoin chart with detailed EWP data and technical indicators.

The c-wave wraps up its 5th wave.

The $ 31K high was slightly off the green (4) wave, and as the price action continued to decline. What do I mean by “scattering”? Three low waves, followed by three upward waves, etc. The pattern changes into a small diagonal retaining wave of (red) medium-c waves of major-4. See Figure 1 above.

All that BTC needed to do was to finish the last (gray) 5-wave wave, and did enough technology to complete the adjustment that began in November last year. A break of more than $ 31K will be the first confirmation that the $ 100K + rally has begun.

Please note the positive diversification that occurs in technical indicators: the MACD is traded and points upwards, while the cash flows return to BTC. These in addition are signs of a lack of something.

Bottom Line and BTC Price Forecast

Over the past few weeks, the EWP has been able to predict a decline in BTC prices. A few small tweaks were needed as not all of the daily text was previously unknown. But once these documents have been identified and approved, they are all incorporated into the EWP-based approach that emerged several weeks ago:

Reduce to $ 25-27.5K per region (achieved).

Reverts to ~ $ 33-4 +/- 1K for more days (almost achieved as it stands at $ 32K).

Final stitch below ~ $ 23-24 +/- 1K (now in progress).

BTC almost completes the 5th diagonal (ED) wave in this phase. EDs consist of five small waves (gray i, ii, iii, iv, and v in Figure 1), the ones within which they are separated by three waves. So far, this seems to be the case, and the ED wave-iii is now about to end. BTC therefore appears to be nearing completion of its adjustment, but will need to go back over $ 31K to provide initial assurance that this is the case.

Source: yahoo 

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Jun 04,2022

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