Timeframe: Weekly
BTC/USD has initiated an impulsive wave after reaching a low of 15,479. The current price action indicates that the correction phase is nearing completion, setting the stage for a new impulsive move to unfold. The price is currently trading above the 10 and 20 weekly EMAs, indicating a bullish trend and further supporting the potential for an impulsive move.
The price has completed wave (c) of wave Y within wave (4) and has now begun rising to form wave (5). A clear confirmation of the impulsive structure will occur once the price breaks out above the wave (b) level at 70,016. The potential targets extend up to 88,790, which corresponds to the 161.8% Fibonacci extension of wave (4). The key question now is whether BTC/USD can reach the significant milestone of 100K.
More details are coming soon for Premium subscribers.
Get free important share market ideas on stocks & nifty tips chart setups, analysis for the upcoming session, and more by joining the below link: Stock Tips
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
Tnx for the chart