Given the recent changes in Bitcoin, analyses that were previously less prominent now have greater relevance and possibility of happening for me. I am focusing on two main analyses: the first is based on Elliott Wave Theory, suggesting a 5-wave movement; and the second considers the formation of a bullish ABC pattern followed by a corrective ABC.
Possibility 1:
We are in a 5-wave movement, according to Elliott Theory, where Wave 4 cannot invade the top of Wave 1. If this occurs, the movement will be invalidated, indicating that we are in a diagonal pattern. In this case, Possibility 2 gains more strength, with the need for some corrections in the analysis.
Possibility 2:
We are in a bullish ABC pattern, which could be followed by a corrective ABC. This move could result in a new bottom forming in the 52,500 region, closing the CME gap, or in the worst case scenario, establishing a new major bottom below 49,000, possibly in the 46,000 range. This corrective ABC could be followed by a new 5-wave impulse wave to the upside.
This analysis is short-term and does not cover all of Bitcoin's movements in the long term. I will update you with any significant changes in the chart.
Disclaimer: This text does not constitute a recommendation to buy or sell, but merely a reflection on possible scenarios. Consider other analyses and remember that Bitcoin is a volatile asset, subject to unpredictable movements.
