27 October Bitcoin Elliott wave analysis

Bitcoin made a new intraday low at 5360 and will probably break above 6200 high en-route to 7000-8000. There is also a support at 5100 which could still be tested. Will Bitcoin advance further to a new high? The following is our view based on 27 October Bitcoin Elliott wave analysis.

27 October, AtoZForex - This week, Bitcoin rallied toward the $6000 mark gaining about 10% in the process. The last intraday low formed was at $5360. We discussed about the probability of the rally to resume. We noted that the dip from $6200 was corrective. The best way to join a trend is to enter after a correction. Elliott wave theory helps with the clear identity of a correction in patterns that can be easily recognized. In the last update, we had Zigzags in mind - double and triple as the chart below shows

25 october bitcoin elliott wave analysis Bitcoin Elliott wave analysis, H1 (click to zoom)

Price made an intraday double zigzag pattern just above the $5100 intraday support. A break above $5757 could trigger a bullish drive above $6200 and send price toward $7000. If this wave count is validated, price will stay above the low of the y-wave at $5360. A break below $5360 with price staying below $5757 could lead to a triple zigzag pattern toward $5000-$5100 support zone. We will have to see how this play out. The levels are very important to know which of the wave scenario has a bigger chance of playing out. The dip is corrective and a rally may start soon.

27 October Bitcoin Elliott wave analysis: what next?

It seems the double zigzag is playing out as price broke above $5757 and hit the $6000 mark as shown in the chart below.

27 october bitcoin elliott wave analysis Bitcoin Elliott wave analysis, M30 (click to zoom)

An impulse bullish drive above $6200 high is now very likely. The bullish targets for this move is $7000-$8000. This forecast will be violated if price stays below $6200 and breaks below $5360 intraday low. We will update you however it goes. Stay tuned for more updates.

Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.

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