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      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

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      A trillion dollar tsunami is about to hit Bitcoin

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      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

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      Home technical analysis

      Technical Analysis : BTC/USD

      Hitesh Malviya by Hitesh Malviya
      January 22, 2019
      in technical analysis
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      Technical Analysis : BTC/USD
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      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

      • BTC/USD Price Action(CoinBase)

      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

      Join our telegram channel for more binance and bitmex trading calls.

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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