We analyze Bitcoin using Elliott Wave to evaluate if the market is ready for a pullback after reaching the $70,500 critical invalidation level. Video by More Crypto Online.
We perform a comprehensive Elliott Wave analysis on Bitcoin to determine the sustainability of current upside momentum. Our forecast focuses on the potential for a B wave or wave 2 pullback, which serves as a tactical setup rather than a directional bias. We examine key support and resistance zones to evaluate the validity of our current 1-2 setup and the conditions required to transition into a more bullish outlook.
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0:00 Market Outlook
0:51 Is it too late
1:25 Elliott Wave structure
3:01 Big picture analysis
4:45 Daily chart view
6:04 Primary scenario
8:27 Pullback expectations
9:40 Smaller timeframe analysis
12:05 Alternative scenario
14:11 Onchain metrics
16:40 Tactical plan
23:42 Conclusion
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Bitcoin Insights Today
-Energy Market Disruption: Over the weekend, geopolitical tensions escalated as Saudi Arabia temporarily closed its East-West pipeline following targeted drone attacks. While Brent crude oil climbed past $107 per barrel, crypto markets faced a brief liquidity squeeze as part of a classic risk-off rotation.
-The CLARITY Act Cloture Vote: Institutional eyes are completely locked on Washington D.C., where the CLARITY Act faces a definitive Senate cloture vote tomorrow, Tuesday, September 15. If passed, the market structure bill will establish a historic, legally compliant path for major banks and brokers to offer crypto services. A failure to pass ahead of the upcoming midterm elections remains a primary source of short-term regulatory anxiety.
-Surging Hike Probabilities: The broader market is bracing for the upcoming Federal Reserve interest rate decision this Wednesday. Following a hot August jobs report (162,000 jobs added versus the 56,000 expected) and stubborn -CPI figures, traders are pricing in an 87% chance of a Fed rate hike.
Risk Asset Suppression: The renewed anticipation of a "higher-for-longer" monetary policy has sparked capital rotation away from risk-heavy crypto assets and into energy and traditional defensive sectors.
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