Elliott Wave Expert sees ‘greater price appreciation unfold’ in Bitcoin

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Bitcoin price is flirting with resistance at $ 50,000. The first attempt resulted in short-term rejection, but the cryptocurrency king seems more determined than ever.

According to Tony Carrion, resident crypto expert at Elliott Wave International, there are many signs that “greater price appreciation” is “taking place” in the crypto market. If he’s right, the best cryptocurrency might be ready to take its final step to setting the ultimate record of this cycle.

Elliott Wave International Crypto Analyst reviews BTCUSD

Markets are cyclical and while they can seem unpredictable at times, there is a certain degree of predictability that can be achieved by looking at certain trends and their historical performance. Almost all of the building blocks of technical analysis are based on some type of pattern, right down to the individual candlestick.

Candlesticks, depending on their open, close, high and low, can provide a ton of information to trade on. In an accompanying video, acting as a preview of Elliott Wave, the practice is described as providing analysts with a “roadmap” for future price action. The idea is that if you can figure out where an asset is on this map, there is a chance that the trader can point the direction in advance.

Related reading | Stock-to-flow creator: Bitcoin cycle is far from the top

And according to Tony Carrion in his latest educational video for Elliott Wave International, the resident crypto professional has revealed his reasons for expecting “greater price appreciation” on crypto.

The main reason, no pun intended, is due to the main uptrend, which suggests that the price of Bitcoin should be halfway through the fourth wave of the five total pulse waves.

Bitcoin Ready For Wave Five Finale | Source: BTCUSD on TradingView.com Bullish Bitcoin Backed by Support Techniques

Primary trends tend to go up in five separate pulse waves and are followed by a correction, usually an ABC correction. But the techniques have to support an upward movement or there is a chance that the number of waves just isn’t one of the points of contention that many analysts have with Elliott Wave.

Carrion claims that there are also many notable supporting surges in the Relative Strength Index, Stochastic, and Ultimate Oscillator. Tony also points out that the Money Flow Index has hit a level below the Black Thursday low which sent Bitcoin over $ 65,000.

Related reading | Lifetime Technician, Loyalty Director Breaks Down Bitcoin Correction

A deeper dip now on the IMF could suggest an even bigger reaction than previous moves. Carrion also notes that volatility itself is increasing, and since a weekly bullish reversal hammer, there has been a series of bullish green candlesticks on the weekly display followed by the bulls.

Tony also takes a quick look at fundamental analysis, mostly focusing on the number of BTCs leaving trading now versus before. The tendency towards supply shock has resumed.

Finally, the Elliott Wave expert is also seeing a fifth wave brewing in the total crypto market cap, which Tony says has retraced more than 50% of its decline, another sign that a lasting recovery could be the.

Check out this video on #Bitcoin and its current wave count from Tony Carrion from @elliottwaveintl to see if it’s bullish or bearish. Great watch! https://t.co/vXIcZMzMQw

– Tony “The Bull” Spilotro (@tonyspilotroBTC) August 23, 2021

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC telegram. The content is educational and should not be taken as investment advice.

Featured image from iStockPhoto, charts from TradingView.com

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