Bitcoin Storms Past $38,000 Once More, Anticipating Breakout To New Annual Peak
The post Bitcoin Storms Past $38,000 Once More, Anticipating Breakout To New Annual Peak appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) has again demonstrated its bullish momentum by surging above the $38,000 mark. Breaking free from the recent trading range between $36,500 and $37,500, BTC currently trades at $38,100, slightly below its yearly high of $38,400 achieved on Friday, November 24. However, this is just one of the many milestones BTC has achieved during its ongoing bullish resurgence. Bitcoin Achieves New 52-Week Closing Record According to crypto trading firm The Birb Nest, Bitcoin has set a new 52-week closing record by a small margin, holding above $32,000 for four consecutive weeks, demonstrating the continued strength of the uptrend. Per the firm’s analysis, the observed performance aligns with the principles of Elliott Wave Theory and signifies the presence of the third wave within the ongoing bull market. Notably, of the five waves outlined in the theory, the third impulse wave is a visually captivating and crucial element of the overall pattern. BTC’s second and third Elliott wave theory movements on the daily chart. Source: BTCUSDT on TradingView.com Following the consolidation phase of the second wave that Bitcoin experienced between August and October, as seen on the 1-day chart of BTC above, the emergence of the third wave is characterized by a breakout that drives price action in line with the prevailing trend. In particular, this wave is known for its extended nature, which often exceeds the length of the first wave, which began at the beginning of January 2023 for BTC. The third wave exhibits a substantial extension relative to the length of the initial wave, typically reaching the 161.8% Fibonacci level. In simpler terms, the third wave can be interpreted as a 161.8% Fibonacci extension of the first wave. Solid Support Levels Reinforce Positive Outlook For BTC According to The Birb Nest, key technical indicators further support Bitcoin’s market momentum.…
Filed under: News - @ November 29, 2023 4:20 am