Bitcoin

Elliott Wave Theory, developed by Ralph Nelson Elliott in the 1930s, is based on the concept that financial markets move in repetitive cycles, which are a reflection of the collective psychology of the masses. These cycles are composed of two types of waves: impulse waves and corrective waves. You probably know what it is, but I will still remind you, and at the end, I will tell you <a href="https://tradersunion.com/currencies/forecast/btc-usd/signals/" rel="noopener noreferrer nofollow">what stage</a> I think the BTC market is at.Impulse Waves are the main direction of the market trend and consist of five distinct waves. They move in the direction of the larger trend:<ol><li>Wave 1: The initial move in the direction of the trend.</li><li>Wave 2: A retracement of Wave 1, often giving back much of the gain.</li><li>Wave 3: Usually the strongest and longest wave, moving beyond the end of Wave 1.</li><li>Wave 4: A correction of Wave 3, typically not overlapping with the price territory of Wave 1.</li><li>Wave 5: The final move in the direction of the trend, often characterized by investor euphoria.</li></ol>Corrective waves move against the trend established by the impulse waves and consist of three waves labeled A, B, and C:<ol><li>Wave A: A move against the prevailing trend.</li><li>Wave B: A partial retracement of Wave A.</li><li>Wave C: A move that surpasses the end of Wave A, completing the correction.</li></ol>Elliott Wave Theory is a popular tool of traders. But not everyone applies it correctly&#x1f609; Let&#39;s see what it tells us about Bitcoin. So, now we are in the 4th corrective wave of the 5-wave cycle. The last wave may turn out to be an elongated wave. If so, the cycle peak could be in the $275k-$330k range.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/6abddc755a4f47e4a26143ac51171ece.jpg" />&#x1f4cc; According to other models I use, the peak on BTC would be lower (around $200k). But today I decided to share this particular approach. This is not investment advice, DYOR. Traders Union expert, Anton Kharitonov

Elliott Wave Theory in the BTC Market. What Stage Is the Market at Now?

Anton Kharitonov

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