Bitcoin Price Elliott Wave Price Update: Understanding the Bullish and Bearish BTC Scenarios

More Crypto Online
27 Nov 202409:14

Summary

TLDRIn this Bitcoin market update, the speaker discusses Bitcoin's recent decline from $99K to $91K, warning of a potential 15-25% pullback. Technical analysis suggests the market may be in a wave four correction, with possible further downside to the $70K range. Despite the pullback, the speaker advises caution against short trades, as no impulsive downside movement has occurred. Key support levels to watch are between $85.6K and $81.6K. Additionally, the video highlights a 20% off membership promotion valid until November 30th for both new and existing members.

Takeaways

  • 😀 Bitcoin has recently dropped from around $99K to $91K, which is in line with the expected 15% pullback.
  • 😀 The price drop is not a crash, but part of a larger market correction that may take Bitcoin down to the $70K range.
  • 😀 The correction is likely part of a larger wave 4 pullback, which could last for a few weeks as part of an ongoing bullish trend.
  • 😀 No clear short trade setup is present at the moment, as there has been no impulsive price action to the downside.
  • 😀 A potential final rally to $100K is still possible, but probabilities are shifting as the market continues its correction.
  • 😀 Bitcoin could experience a brief bounce in the short term, but the overall outlook remains focused on a larger corrective phase.
  • 😀 Key support levels to watch are between $85K and $81K, which may indicate a potential entry point for long-term accumulation.
  • 😀 The market may remain volatile, and patience will be required during this corrective phase to navigate potential further dips.
  • 😀 The speaker remains bullish on the long-term prospects for Bitcoin, despite the ongoing short-term correction.
  • 😀 There is a limited-time offer for a 20% discount on annual memberships until November 30th, available to both new and existing members.

Q & A

  • What is the recent trend in Bitcoin’s price as discussed in the video?

    -Bitcoin has experienced a slight decline, dropping from around $99K to $91K, marking a pullback of roughly 10-15%. This decline is not a crash but is seen as part of an expected correction in the market.

  • What does the speaker predict regarding Bitcoin's pullback?

    -The speaker anticipated a 15% or more pullback in Bitcoin’s price, which has already materialized. There is a possibility of further price drops, and the market could move into a deeper pullback from around the $100K region.

  • What is the significance of the 'fourth wave' in Elliott Wave theory as it relates to Bitcoin’s price?

    -The speaker suggests that Bitcoin may be in a fourth wave correction (according to Elliott Wave theory), which is a typical part of the market cycle before a final rally. This wave could lead to a deeper pullback before the market resumes upward movement.

  • Why does the speaker say that no one should be surprised by a deeper pullback in Bitcoin's price?

    -The speaker had previously warned of a potential 10-15% pullback and suggested that a deeper correction was expected. Given the market context and past predictions, the current decline is in line with what was anticipated.

  • Does the speaker believe Bitcoin is in a bearish market?

    -No, the speaker maintains that the market is still bullish overall. Although there may be short-term corrections, the long-term trend is expected to remain positive.

  • What is the speaker’s position on short trading during this correction?

    -The speaker does not see a clear short trade setup at the moment because there is no impulsive downward price action. The market is in a corrective phase, and the speaker advises caution, suggesting that shorting could be risky without further downside confirmation.

  • What are the key price levels to watch in Bitcoin’s current pullback?

    -The speaker highlights key support levels between $85.6K and $81.6K, suggesting that these areas are critical to watch in case the market continues to pull back.

  • How long does the speaker expect the current market correction to last?

    -The speaker believes the correction could take a few weeks, as it is part of a larger wave pattern. However, the exact duration is uncertain and depends on how the market develops in the coming days.

  • What could happen if Bitcoin sees another high in the short term?

    -If Bitcoin sees another high in the short term, the speaker believes it could be part of a larger wave structure. However, this potential rally is still uncertain, and the speaker keeps the possibility open while monitoring price action closely.

  • What membership offer is being promoted in the video?

    -The speaker promotes a special 20% discount on annual memberships, valid until November 30th. This offer applies to both new and existing members, allowing them to either join or extend their membership with a discounted gift card.

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Etiquetas Relacionadas
Bitcoin UpdateCrypto AnalysisMarket TrendsPullback PredictionBitcoin PriceWave CorrectionBullish MarketCrypto StrategyTechnical AnalysisBitcoin MembershipCrypto Promotion
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