Analysis and Commentary
1. Target and Prices
• According to Elliott Wave Theory, a (5) wave target is specified in the chart. This target is at 6,092.62.
• Current price is around 3,486.63. The previous high at 4,104.90 appears to be a critical resistance area.
2. Support and Resistance
• Main Support: The 2,111.35 level worked as a strong support.
• Intermediate Support: If the level of 3,486.63 is broken, a drop to around 3,000 is possible.
• Main Resistance: If the level of 4,104.90 is exceeded, a movement towards the level of 5,000 and then 6,000 can be expected.
3. Indicators
• Classic indicators such as Bollinger Bands, RSI or MACD are not included in the chart, but formations and wave analysis show that the trend is positive.
4. Formations and Formation Reversals
• A double bottom formation is seen on the chart. This formation indicates that the uptrend is getting stronger.
• According to Elliott Wave Theory, wave counts have been analyzed correctly and the rise is expected to continue after wave (4).
5. Trend Direction
• In the long term, an uptrend is dominant. The (5) wave target indicates the continuation of the uptrend.
• In the short term, a stronger upward momentum can be expected if the price breaks the 4.104 level.
6. Strategy
1. Purchase Strategy:
• Buying can be done when the price is close to 3,500 level.
• Closes above the 4,104.90 level should be monitored. When this level is broken, purchases can be increased.
2. Sales Strategy:
• Prices approaching the 6,000 level can be considered for profit taking.
3. Stop Loss:
• In case of falling below the 3,000 level, a stop loss should be made.
7. Risks
• A drop below 3.486 may initiate a downward movement.
• General market conditions, especially BTC price movements, can affect this trend.
Conclusion:
• If the price breaks the 4,104 level in the medium term, an increase up to 6,000 levels can be expected.
• The strategy should be implemented by paying attention to risk management and support levels.