Hello, Skyrexians!
$BTC is approaching the 100k, which is the key psychological level for many traders. Some traders are wondering how Bitcoin can pump so high, other became believe in 200k, 500k of even one million dollars per coin! For those who follow us it's not surprise that BTC has almost reached 100k from our previous analysis. There we mentioned that crypto asset is finishing the bull run with the wave 5. This wave had the target at 107k and we can define with higher accuracy the wave's end using subways count inside it.
On the daily time frame we can see the potential Elliott Waves counting. Looking at the maximum Awesome Oscillator value we can see that currently price is printing wave 3. This wave has the target with the 1.61, 2.61 or 3.61 Fibonacci extension levels. The first one has been broken, now price is at 2.61 level. Therefore, it can start local correction anytime now. The maximum target is 113k, which has the low probability of reaching in this wave 3.
We want you also to pay attention that Bullish/Bearish Reversal Bar Indicator [Skyrexio] flashed the green dot just before the growth and at the bottom on August 5 as well. As always, alerts from this indicator can be automatically replicated on exchange account orders. You can find the information in our article on TradingView. We can expect the red dot as a potential reversal sign.
The next dump in our opinion is not going to be the end of this game, Bitcoin shall print wave 4. It has targets between 0.38 and 0.5 level. BTC usually tends to show the short correction, so 79k can be the correction target. After that we expect the final subway of the final wave, which will likely reach our target from previous article at 107k, but the decisive factors are going to be the bearish divergence of the AO and the red dot on our indicator.
Best regards,
Skyrexio Team
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