Technical Analysis: Bitcoin (BTC) Price Chart
1. Trend Direction
• In the current chart, it is observed that the Bitcoin price is in a strong uptrend. The chart has an ascending channel formation and support and resistance points are marked via Fibonacci levels.
• Within the scope of Elliott Wave Theory, it is emphasized that we are in the third wave of the rise and that this wave may continue.
2. Target and Prices
• Short-Term Target: The range of 89,131 - 93,316 USD appears as important Fibonacci resistance levels.
• Medium Term Target: The $104,524 level has been identified as the potential upper target that the price could reach. This could be seen as the main target if the price continues to rise.
3. Support and Resistance Levels
• Support Levels:
• 80,513 USD: A key support level and providing strong support at the Fibonacci 1.272 region.
• 73,783 USD: If the price falls, it can be expected to hold at this level.
• Resistance Levels:
• 89.131 USD: Critical resistance level, above this level the price is likely to advance to 93.316 USD.
• 104.524 USD: Long-term target resistance level.
4. Indicators
• EMA Ribbons: The price is moving above the EMA ribbons, indicating strong bullish momentum. The support of the EMAs could support the continuation of the uptrend.
• Elliott Wave Structure: According to Elliott Wave Theory, there is an analysis that the price is in the 3rd wave and can rise to higher levels.
5. Formations and Formation Reversals
• Rising Wedge Formation: A short-term triangle formation has formed within the uptrend. An upward break of this formation may indicate a continued rise in price.
• ABCDE Waves: These waves, which show short-term consolidation, indicate that the price is compressed and the expectation of a breakout increases.
6. Strategy and Recommendations
1. Buying Strategy: Considering the ascending channel formation and strong support levels, buying opportunities can be evaluated on pullbacks to the 80,513 USD level.
2. Breakout Watch: A volume break above the USD 89,131 level could be a strong signal for further upside continuation.
3. Stop-Loss: A close below the $73,783 level can be used as a stop-loss to protect the investment.
4. Take Profit: A take profit strategy can be applied at the levels of 93,316 USD and 104,524 USD.
Comment
Bitcoin price is in a strong uptrend and continues to move higher according to Elliott Wave Theory. Fibonacci levels and EMA ribbons support the current rise. However, it is important to note that the price may see profit taking at important resistance levels and support levels should be closely monitored. Investors are advised to plan their trades by taking into account risk management and position size.
