Is Bitcoin Nonetheless a Good Purchase?…

The Diagonal is Lifeless; Lengthy reside the Impulse

Spoiler alert: the reply is sure. For these new to our updates and as a reminder to common readers, we have now been bullish on Bitcoin (BTCUSD) since at the least mid-September final yr. See right here. So, the query is whether or not shopping for BTC now’s too late. Though many components go into this resolution, corresponding to anticipated maintain time, anticipated beneficial properties, danger, and so forth., We don’t need to purchase uninformed, when danger is excessive, and so forth., and that is the place our most popular methodology of analyses, the Elliott Wave Precept (EWP), comes into play.

We’ve got been monitoring an “Ending Diagonal” worth construction from the August 5^th low that strikes increased. In our final replace, we anticipated Bitcoin to “ideally attain $74.Eight-78.4K, presumably as excessive as $82Ok on any unforeseeable wave extensions”. Quick ahead, and Bitcoin is now buying and selling at virtually $90Ok. Thus, as we said final, “… we proceed to want the ED wave depend till confirmed in any other case.” Properly, we have now been confirmed in any other case and have adjusted the ED sample to a non-overlapping impulse sample, which additionally strikes increased. Even higher. See Determine 1 under.