Elliott Wave Technical Analysis: Bitcoin, Tuesday, Jan. 24

By Peter Mathers of Trading Lounge

Elliott Wave Analyst - tradinglounge • Jan 24, 2023 at 3:18 AM EST

Bitcoin's high is expected around 25k as Wave 1 or C. Bitcoin CME Futures contracts are still 25% shorts over 6% longs and with diminishing volume in the current trend upwards we will see this market turn around the $25,000 price level.

Bitcoin BTC-USD Elliott Wave Technical Analysis - TradingLounge

Summary: Bitcoin's high is expected around 25k as Wave 1 or C
Elliott Wave: Wave iii)
Strategies: No Strategy / Exit Longs next high or hold for 25K

Bitcoin CME Futures contracts are still 25% shorts over 6% longs and with diminishing volume in the current trend upwards will see this market turn around the $25,000 price level.
In terms of the Trading Levels the 25K is the Medium Level and will not only play a strong resistance, but is in line with a top for the Elliott Wave count terminating around the 25k price point.
Expect a top at around the 25k, this top will also coincide with other global Indices markets including the EURUSD, GBPUSD, AUDUSD topping out

Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817

Video Length: 00:19:38

More By This Author:

U.S. Stock Market Elliott Wave Analysis
Elliott Wave Technical Analysis: Cardano, Jan. 23
Elliott Wave Technical Analysis: Cisco Systems Inc., Jan. 23

Disclosure:

As with any trading or investment opportunity there is a risk of making losses especially in day trading or investments that Trading Lounge expresses opinions on. Note: Historical trading results are no guarantee of future returns. Some investments are inherently more risky than others. At worst, you could lose your entire investment and more TradingLounge™ uses a range of technical analysis tools, such as Elliott Wave, software and basic fundamental analysis as well as economic forecasts aimed at minimising the potential for loss. The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without taking into account your particular objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide, tradinglounge takes no responsibility whatsoever for your trading profits or losses. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice in light of your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in Indices Stocks shares Forex CFDs Options Spread Betting derivatives of any kind / products is appropriate for you in light of your financial trading circumstances.

STOCKS IN THIS ARTICLE

Comments

Back to all articles