Bitcoin is up this morning, trading at $30,832.85. Both the daily and long-term momentum are strong. The daily (14) Average Directional Index (ADX) is ticking at 34.21, with the positive Directional Indicator (+DI) up at 35.11 and the negative Directional Indicator (-DI) down at 12.25. Additionally, the price is 12.91% above the 50-day Simple Moving Average (SMA) and 26.08% above the 200-day SMA, with both moving averages sloping upwards in the correct order. The Moving Average Convergence Divergence (MACD) is also indicating a bullish signal, with the signal line at 1,029.56 and the MACD line at 586.44. One could argue that this indicates an overbought situation. However, the consolidation since the near $31,412.00 high has been shallow, which is a testament to the strong upward move.
BITCOIN TO US DOLLAR CRYPT BY STOCKCHARTS.COM
INTRADAY SHORT TERM ELLIOTT WAVE UPDATE
After reaching a high of $31,431.94, Bitcoin experienced a corrective pullback, with price barely touching the low of $39,911.07 for Subminuette iv. The drop to $29,930.00 took almost 38.2% of the time it took to develop Minuette wave (i). This suggest that enough time has passed for Minuette wave (ii).
However, price did not even reach the 23.6% level of Minuette 2vs1, making it unlikely that Minuette Wave (ii) was completed at the $29,930.00 low. The downward structure from the $31,431.94 high resembles a leading diagonal. Although it could also be labeled as a double zigzag, albeit with a shorter price movement.
The subsequent upward move from the $29,930.00 low is currently in progress and nearing completion. If the price surpasses $31,431.94, the corrective pattern would indicate a formation of a flat for Minuette (ii) with a target of 138.2% BvsA. A break above that level could indicate the beginning of a Minuette wave (iii), in which case Minuette wave (ii) would be limited to the $29,930.00 low.
BTC/USDT DAILY BAR CHART
BTC/USDT 15-MINUTE BAR
Based on the 15-minute chart analysis, it appears that the corrective rally from the $29,930.00 low has concluded. Price has already started moving downwards within the Micro Circled-c channel. The next level of support can be found at the adjusted 2-3 off 4 channel. However, if this zone fails to hold and price continues to rise, it’s important to keep in mind that we need to consider the 138.2% Subminuette BvsA level.
