The sideways consolidation on the #BTCEUR weekly is very bul | EuroChartCreator na Binance Square

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EuroChartCreator

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The sideways consolidation on the #BTCEUR weekly is very bullish in #Elliottwave term, even a drop into 45k #EUR would not invalidate the case that $BTC is in a longterm bull market, but that would be more than 25% down from current price, so position size is very important.

Izjava o omejitvi odgovornosti: vključuje mnenja tretjih oseb. Ni finančni nasvet. Lahko vključuje sponzorirano vsebino. Glejte Pogoje.

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Hope you enjoyed the chop while #BTCEUR was completing a larger degree 5th #Elliottwave labeled in orange with a 64k #EUR top as of writing. Now a highly speculative setup presents itself as per azure labels, though I personally am more confident with the orange interpretation, the RR in azure is insane with tight stop 59k slightly under the Nov.2021 top. Either way, the action off the July low is constructive for a new ATH sooner than I previously expected in my $BTC 24Q2 review, as long as 52k holds. For reference, the 0.618 retracement of this July rally currently coincides with the Apr.2021 top around 54k. So until breakout to new ATH, prudent longterm holders still need to be mentally prepared for a revisit under 50k: as per the 24Q2 review, even a drop into 45k can be very bullish with a 6-12 months outlook.

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#BTCEUR falls out of the green channel but action is a rather clean #Elliottwave ABC, expect topping probably in the lower half of the channel ~65k #EUR as long as the last low holds. While a minor overshoot to a new ATH >67k is not impossible, again reminder we are around 2.618 extension & 0.764 retracement with limited immediate upside potential, hedged long is better than full long, and I believe a better chance to buy $BTC is going to present itself soon. It was correct to have the aggressive long stopped out at 60k with profit, even though we're back above it. Stop for long position taken from the 1-2 low can be put at 59k.

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#BNBEUR holds 510 #EUR long stop and the correction off the 554.2 top is a clean ABC #Elliottwave so $BNB continues to look up to 560-570 i.e. to retest the lower half of the green channel as long as the last low holds. #BNBAnalysis

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#BNBEUR chops sideways under the expected resistance above, while 5th #Elliottwave of some degree can be considered done, as long as the quoted 510 #EUR stop holds, more immediate upside around 570 can be seen. First support below around 480 if $BNB breaches stop. #BNBAnalysis

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60k #EUR is now a reasonable stop for aggressive long as #BTCEUR is completing a 5th #Elliottwave of some degree. We're now at the 2.618 extension off the July low coincides with the 0.764 retracement off the March ATH. Expect more resistance for $BTC

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