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Technical Analysis by Raul Fernando Luna Toro
Elliott Wave Analysis
Saturday Bitcoin hit an intraday low of $21351.07 testing Minor Degree lower trend line support. Sunday the crypto moved up to an intraday high of 23689.99 before closing at 23554.85. So far today price has pushed up to a new directional high $23897.99 but has now settled back down into Saturday’s trading zone. Currently BTC is trading around the $23565.00
5 waves are complete at the $25250.00 Feb 15th high for a cap of Intermediate degree (A). We can now expect an Intermediate Degree (B) wave to correct this impulse. The benchmark crypto currency is expected to push through Minor Degree lower channel trend line for a test of the $21351.07 Minor Degree 4 low.
Below this support zone, there is the Fibonacci 38.2% $20943.40, 50.0% 19767.88 and the 61.8% 18658.34. Great Fibonacci 2vs1 retracements to buy in on this new bull run!
