Technical Analysis : BTC/USD

The Cryptocurrency market is currently looking for a direction to upside. The whole market is in correlation with bitcoin price action, so the Bitcoin Price action is the most important factor for growth of overall market. Few low cap altcoins have given good vibes last week by doing massive gains, which could be an early sign of short term bull run.

We are using Elliott Wave theory, Fundaments and Fibonacci retracement to derive price action for BTC/USD.

BTC/USD

Fundamentals:  

The SEC will give an final update on Bitcoin ETF Decision on 27th February, We would see a short term price in February action ahead of the decision.

Elliot Wave Structure + FIB Levels:

Each Large Wave is divided into 5 Waves(1,2,3,4,5) and Three corrective waves(A,B,C). According to the structure drew above, Bullish Wave 1 Started at 3199$ level and ended at 3764$, Wave 2 Begins at 3764$ and is expected to end around 3387$. Wave 3 can take bitcoin price to 4500$-5000$ level in February.

Trade Signal

We are looking to open LONG position at around FIB LEVEL (0.236 – 0.382 ).

Entry Zone:  3300-3350$- 3400$ (Coinbase Price)

Exit:  3800$ – 4200 $- 4500$

Stop: 3050$

Time Frame: 2-4 Weeks

Good Read Trade Recommendation: EOS/BTC

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