Bitcoin Btc Price News Today - Technical Analysis And Elliott Wave Analysis And Price Prediction!

Bitcoin continues to be in Wave 2, with some recent volatility in the market. As we move forward, it's important to consider the potential downward movement that may occur. The wave count has been adjusted slightly, but it hasn't had a significant impact on our targets or overall scenario. The Elite Waves guide us to the best wave count, which will ultimately affect our targets.

Wave Counts and Potential Scenarios

Currently, we are in a Wave 2 correction, with an expectation that we've produced a W wave, an X wave as a triangle, and a potential Y wave to the downside. The previous count had an ABC correction, but I'm not entirely satisfied with how it works. However, if we were to label it as an ABC count, the C wave would likely be an ending diagonal.

Another possible count is the WXY option, where we consider the X wave as a triangle and the B wave as a normal ABC correction. In this scenario, we're looking at the move down from the B wave high to yesterday's low as an ABC as well, possibly due to an ending diagonal.

ABC Structures and Market Indecision

In each sub-wave, we're looking for ABC structures. It's possible that wave one could already be wave two, and we could be heading down now in wave three, followed by waves four and five. However, the market is currently indecisive, resulting in a choppy and unpredictable pattern.

It feels like there's no crystal clear winner at the moment, as the market hasn't definitively decided which direction to go. If there was a clear winner, the price would be rapidly heading downwards. This uncertainty is consistent with the choppy nature of diagonals.

Downside Expectations and Potential B Wave Resistance

Despite the messy nature of corrective counts, our downside expectations remain intact. In the Y wave, we're expecting an ABC structure. However, there is uncertainty surrounding the location of the A wave. It's possible that the A wave could sit at a different point, which would affect the potential resistance of the B wave.

If the A wave sits at the current location, the B wave resistance would be between 28,000 and 29,200. If the A wave is at a higher point, we would need to account for a higher retracement, resulting in a resistance level of 29,309. It's essential to consider both scenarios and leave room for potential fluctuations in the market.

The Rocky Road Ahead

Trading in a B wave can be challenging, as they often overshoot and can be difficult to predict. While it is unlikely in this case, it's crucial to be aware of potential market fluctuations and adjust your trading strategy accordingly. As long as we stay below the 29.3 K level, our expectations for further downside remain intact.

In conclusion, Bitcoin's current wave counts and potential scenarios indicate the possibility of a downward movement. However, the market's indecision and the messy nature of corrective counts make it crucial to remain adaptable and open to different outcomes. The journey ahead may be a rocky one, but by staying informed and flexible, we can navigate the ever-changing cryptocurrency market.