Bitcoin Price Update 18/07/2023 6:11 P.M. Lima Peru: Opening at $30,147.60, Bitcoin reached an intraday high of $30,244.22 before settling at $29,794.53. The daily momentum remains strong, evident in the ADX at 42.55. However, the +DI has decreased to 23.54, while the -DI has seen a slight increase to 13.58. These indicators indicate a typical consolidation phase within a bullish market. Although the MACD has cooled off, it remains above the zero line. Nonetheless, the Signal line is currently below the MACD line and showing a downward divergence. The completion of the range, originating from the June 23 high of $31,412.43, has taken longer than expected. Nevertheless, the price is currently testing short-term support and is anticipated to resume an upward trajectory soon, as the long-term outlook remains optimistic.
BTC/USD DIALY BAR STOCKCHARTS.COM
Cycle Degree-III appears complete at the $69000.00 Nov 2021 all-time high. We can now expect Cycle-IV to take price down for a test of the $3156.26 previous degree Primary Circled-4 low. Wave 4 usually tests their previous degree 4th waves before yielding to their 5th wave advances. And the price action from the 2021 all-time high seems to be doing just so. Notice that the first five waves down from the all-time high to the $15476 Nov 2022 low cut out five waves before retracing past the 32.2% BvsA. The five wave move to the Nov 2022 low implies that the drop is a zigzag which is not complete needing five more waves down after this corrective rally is done.
BTC/USD WEEKLY BAR
PRIMARY-B YET COMPLETE
BTC/USD moved up from the $15476.00 Nov 2022 low in five minor degree waves completing at the $31000.00 April 13th high for Intermediate-(1) of Primary-B. Again, as in the drop from the all-time high, this five wave series is an incomplete corrective. And the move from the April 14th high to the $24800.00 June 14th low was in three waves most likely completing Intermediate (B).
BTC/USD 2-DAY BAR
IS INTERMEDIATE (B) DONE?
Now one could argue that this move up from the near June 14th low is part of a counter corrective Minor B wave of intermediate-(B) yet done. And it could be. Regardless, both counts have price ready to rally to at least a 100% Minor Degree CvsA. Both these rallies whether a C or 3rd wave of a larger C should take their time moving up as they are both part of a corrective moves and not a deeper move up in a 3rd wave impulse.
BTC/USD DAILY BAR
MINOR 2 NEAR DONE
From the 5-hour chart we can get a better look of Minor 1-2 of Intermediate-C. Minor-1 most likely complete at the $31431.94 June 23 high. The ensuing move has been corrective indeed taking the form of an expanding flat. The move is testing the $29500.00 June 30th low in what should be an ending diagonal-C at Minute Degree. Once complete, Minor-2 should give way to a wave 3 advance.
BTC/USD 5-HOUR BAR
EXPANDING FLAT FOR MINOR-2
The 2-hour chart shows the corrective series at Minute Degree ending. Notice the Minute-b made a new high retracing Minute-a just past the 114.6% BvsA. Now we can expect this expanding flat C wave to retrace Minute B by about the same 114.6%.
BTC/USD 2-HOUR BAR
