Bitcoin Price Smashes Record For Highest Weekly Candle Close Ever
18 Octubre 2021 - 2:28PM
NEWSBTC
Bitcoin price is back at levels from earlier in the year, but has
yet to set a new all-time high. Last night’s weekly candle close
still came with a new broken record for price: the highest weekly
candle close in the cryptocurrency’s history. Will the bullish
weekly close lead to new highs? If so, will this be the culmination
of the bull run? And if not, does that mean a bear market instead?
A new record has been set | Source: BTCUSD on TradingView.com
Bitcoin Price Sets New Record For Highest Weekly Close Ever
According to TradingView’s BTCUSD Index, the weekly Bitcoin price
chart had a record-breaking weekly close at roughly $61,528. The
number remains around $4,000 short of the cryptocurrency’s current
all-time high, however, with new records being set, are new highs a
given? Related Reading | Bitcoin “Supertrend” Begins As Buy Signals
Stack On All Major Timeframes It is difficult to imagine a scenario
where Bitcoin were to fails to move higher from here, especially
after such a clear sign from bulls with weekly close.
Fundamentally, the cryptocurrency is strong, scarce, and supply is
only diminishing. Technicals are bullish, and even the news cycle
has turned positive for BTC with the approval of the first ever
ETF. The double top narrative could drive prices lower | Source:
BTCUSD on TradingView.com Bulls aren’t yet out of the woods until a
new all-time high is made and then some. The target of a double top
pattern would bring Bitcoin price back to $14,000 and could still
keep an overall bullish Elliott Wave count. The accompanying
narrative would be powerful for bears, but not quite a bear market.
A more logical Elliott Wave setup would keep the leading
cryptocurrency by market cap trending higher from here, but it
ultimately being the last leg up before a bear market arrives. When
wave five ends, a new bear market will begin | Source: BTCUSD on
TradingView.com Elliott Wave Theory suggests that markets move up
in the primary direction in five total waves, which are then
sub-divided further into impulse waves and corrective waves. When
the five-wave uptrend ends, a three-wave bear market follows. Price
often then retraces back to the between wave three and wave four of
the bull market. Related Reading | Bitcoin Price Prepares To Blast
Off Back Into RSI “Bull Zone” Mapping EWT over the Bitcoin price
chart above, the pattern fits the chart and each time sure enough,
BTC fell back to between wave three and four. The final scenario
has a much nastier fate for our favorite cryptocurrency, and it
involves retracing the entire 2020-2021 bull run. The longer
bullish supercycle could also be ending | Source: BTCUSD on
TradingView.com With the way an ending wave five retraces back to
between a wave three and four, if the larger Bitcoin price cyclical
trend were to end, a larger correction of the primary trend should
be expected. The difference would suggest a false bottom at $50,000
that eventually gave out to $20,000. Which is exactly why Elliott
Wave Theory points to the worst bear market record when this bull
run is finally finished. Follow @TonySpilotroBTC on Twitter or
join the TonyTradesBTC Telegram for exclusive daily market
insights and technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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