Bitcoin (BTC/USD) is surging higher. But can the uptrend keep its pace?
This article reviews the key Elliott Wave patterns. Plus we dive into the critical invalidation and confirmation levels.
Bitcoin’s most recent high showed the strongest momentum. This is visible in the momentum indicators at the bottom (green boxes). The momentum strength confirms a wave 3 of wave 3.
This means that more upside is very likely. The uptrend will probably develop via multiple waves 345 to higher targets. Currently price action seems to be in wave 3 (green). The next targets are located at 16,700 and 17,500.
On the 1 hour chart, price action completed an ABC (pink) pattern within a wave 4 (blue) correction. Now it’s developing a 5 wave extension (pink) within wave 5 (blue).
The next price swing will be determined by the breakout direction versus the 21 ema zone:
The bulls seem to be in control for an immediate push higher on the 1 hour chart. But also on the 4 hour chart, more upside seems to be a question of when, not if.