Chart analysis:
We observed the BTC price evolution and identified the following aspects:
Main trend:
We have identified an uptrend with the price forming a full 5-wave rising and 3-wave falling pattern, indicating a full 8-wave Elliott pattern.
Support and resistance levels:
We noted the important support levels at $25180 and resistance at $26616, with the current price at $25934.
Technical indicators:
We observed that sustainable growth would require increasing volume as the price increases.
Pricing model:
We identified an accumulation pattern based on the Wyckoff principle, which went through the 5 phases of accumulation according to the Wyckoff principles.
Fibonacci levels:
We calculated Fibonacci levels to identify possible price targets. Fibonacci wave projection indicates the following confluence levels:
The projection at 1,618 is in confluence with the $28,234 level.
The projection at 2,618 is in confluence with the $29,682 level.
The projection at 3,618 is in confluence with the $31,130 level.
Conclusions:
In conclusion, given the technical analysis, including the Wyckoff accumulation pattern and Fibonacci levels, I believe that there is significant upside potential in the coming period. The first potential target is at $28,234, the second at $29,682, and the third at $31,130.
Warnings and Limitations:
I must point out that technical analysis has limits and that cryptocurrency trading involves risk.
We observed the BTC price evolution and identified the following aspects:
Main trend:
We have identified an uptrend with the price forming a full 5-wave rising and 3-wave falling pattern, indicating a full 8-wave Elliott pattern.
Support and resistance levels:
We noted the important support levels at $25180 and resistance at $26616, with the current price at $25934.
Technical indicators:
We observed that sustainable growth would require increasing volume as the price increases.
Pricing model:
We identified an accumulation pattern based on the Wyckoff principle, which went through the 5 phases of accumulation according to the Wyckoff principles.
Fibonacci levels:
We calculated Fibonacci levels to identify possible price targets. Fibonacci wave projection indicates the following confluence levels:
The projection at 1,618 is in confluence with the $28,234 level.
The projection at 2,618 is in confluence with the $29,682 level.
The projection at 3,618 is in confluence with the $31,130 level.
Conclusions:
In conclusion, given the technical analysis, including the Wyckoff accumulation pattern and Fibonacci levels, I believe that there is significant upside potential in the coming period. The first potential target is at $28,234, the second at $29,682, and the third at $31,130.
Warnings and Limitations:
I must point out that technical analysis has limits and that cryptocurrency trading involves risk.