BTCUSD morning analysis (bullish)
Summary of action for BTCUSD since 5 August 2024 low.
Area in yellow ellipse does not look impulsive. There is a way to get an expanding leading diagonal out of it, but it certainly does not have the "right look". Will need to come back to this price action later, depending on how future price action plays out.
Area in first red ellipse labeled 1. is similarly vague. It might be a zigzag, but again doesn't have the right look. Will come back to this price action later as well.
Area in first green ellipse labeled 2. is not the prettiest impulse in the world, but it can certainly be counted as such.
Area in second red ellipse labeled 3. looks very much like a zigzag corrective structure, bottoming at 58897.55 (which is now the must hold support for bulls).
From what I can tell, price action after the bottom at 58897.55 has two impulse waves up (small green ellipses) and two corrective structures (small red ellipses). The two corrective structures both look like expanded flats, and if true would likely mean price action after 58897.55 is a 1-2/1-2 looking for wave 3 rather than 1-2-3-4 looking for wave 5. Price getting above 69632.35 on an impulse wave off today's low of 65226.43 would confirm that assessment.
Overall, this does look quite promising for bulls, who have been waiting patiently through 7 months of consolidation.
Key level of support today is 65226.43. Key resistance to break is 69632.35. Good luck.
Area in yellow ellipse does not look impulsive. There is a way to get an expanding leading diagonal out of it, but it certainly does not have the "right look". Will need to come back to this price action later, depending on how future price action plays out.
Area in first red ellipse labeled 1. is similarly vague. It might be a zigzag, but again doesn't have the right look. Will come back to this price action later as well.
Area in first green ellipse labeled 2. is not the prettiest impulse in the world, but it can certainly be counted as such.
Area in second red ellipse labeled 3. looks very much like a zigzag corrective structure, bottoming at 58897.55 (which is now the must hold support for bulls).
From what I can tell, price action after the bottom at 58897.55 has two impulse waves up (small green ellipses) and two corrective structures (small red ellipses). The two corrective structures both look like expanded flats, and if true would likely mean price action after 58897.55 is a 1-2/1-2 looking for wave 3 rather than 1-2-3-4 looking for wave 5. Price getting above 69632.35 on an impulse wave off today's low of 65226.43 would confirm that assessment.
Overall, this does look quite promising for bulls, who have been waiting patiently through 7 months of consolidation.
Key level of support today is 65226.43. Key resistance to break is 69632.35. Good luck.
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