Bitcoin (BTC): Upside Breakout! Bullish and Bearish Elliott Wave Analysis Scenarios

More Crypto Online
27 Jul 202409:02

Summary

TLDRIn this Bitcoin update, the presenter discusses a significant breakout above resistance levels, leading to a bullish five-wave move. With the Bitcoin 2024 Nashville conference potentially introducing volatility, the focus is on micro-structure analysis and updated support levels. The video delves into the possibility of an extended wave 1, adjusting support regions for a potential wave 2 pullback, and emphasizes key levels at $56,600-720 and $75,000 as pivotal for market direction. The presenter also announces an upcoming analysis of the Injective Protocol following a Twitter poll.

Takeaways

  • 📈 Bitcoin has experienced a breakout above the resistance area, indicating a strong upward movement from the Thursday low.
  • 📊 The speaker is analyzing the micro structure of Bitcoin's price movements on a 30-minute chart, focusing on the move from the 5th of July low.
  • 🔄 The speaker mentions a five-wave move to the upside, suggesting a bullish trend for Bitcoin.
  • 📅 The Bitcoin 2024 Nashville conference is highlighted as a potential source of market volatility, although it doesn't necessarily change the trend.
  • 🚀 The speaker assumes that the market is in an extension of wave 1, after a high B-wave scenario was removed from the analysis.
  • 🏆 The Injective Protocol was voted by Twitter followers to be analyzed, and the speaker promises an update on it.
  • 📉 The speaker discusses two scenarios for Bitcoin's price movement: a bullish one and a 'very bullish' one, based on the five-wave move.
  • 💰 The support region for a possible wave two pullback is adjusted to around $56,600-720, which is important for direct upside extensions.
  • 📍 Key resistance levels are identified as $64,720 and $75,000, with the latter being a pivotal point for confirming a third wave.
  • 📉 A break below $64,720 would suggest a larger wave two is unfolding, while a break above $75,000 would indicate the market is already in the third wave.
  • 📝 The speaker emphasizes the importance of focusing on the levels rather than vague probabilities when making trading decisions.

Q & A

  • What significant event is being discussed in the video that could impact Bitcoin's volatility?

    -The Bitcoin 2024 Nashville conference is mentioned as an event that could introduce volatility to Bitcoin's market, although it doesn't necessarily change the trend.

  • What is the current trend of Bitcoin according to the script?

    -The current trend of Bitcoin is up, with a confirmed five-wave move up from the Thursday low.

  • What is the significance of the five-wave move up in the Bitcoin market?

    -The five-wave move up signifies a bullish trend and the fulfillment of the minimum requirements for such a move, indicating a potential extension of wave 1.

  • What does the speaker mean by 'micro structure' on the 30-minute chart?

    -The micro structure refers to the detailed analysis of smaller price movements within the larger trend, specifically on a 30-minute chart scale.

  • What was the community's choice for the cryptocurrency to be analyzed on Twitter this weekend?

    -The community voted on Twitter, and the Injective protocol was the clear winner for the cryptocurrency to be analyzed.

  • What is the updated support level for a possible wave two pullback according to the speaker?

    -The updated support level for a possible wave two pullback is around $56,600 to $56,720.

  • What does the speaker consider as the key milestone for Bitcoin to be in the third wave?

    -The speaker considers a break above $75,000 as the key milestone to assume that Bitcoin is already in the third wave.

  • What are the two scenarios being discussed for Bitcoin's movement?

    -The two scenarios are: 1) A more probable scenario with a healthy wave two pullback, and 2) An alternative scenario where wave two has already bottomed, and the market is directly in a third wave.

  • What does the speaker suggest could be an opportunity for investors during a pullback?

    -The speaker suggests that any pullback could be an opportunity for investors, especially if it's a shallow pullback, as it might indicate the start of a more aggressive bullish trend.

  • What is the speaker's approach to trading decisions based on the analysis?

    -The speaker emphasizes focusing on the levels rather than vague probabilities, using specific support and resistance levels to guide trading decisions.

  • What are the next resistance levels mentioned for Bitcoin's price movement?

    -The next resistance levels mentioned are $70,000 as the previous swing high, then the $72k area, and finally, the $75k and $78k areas.

Outlines

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Mindmap

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Keywords

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Highlights

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Transcripts

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Bitcoin AnalysisMarket UpdateWave PatternsTechnical AnalysisCryptocurrencyInvestment StrategyVolatilityBitcoin 2024Nashville ConferenceSupport LevelsPrice Prediction
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