In Elliott Wave analysis, waves generally appear as follows:
Detailed explanation of the waves:
1. Wave 1: Starts from the main bottom at 52,550 up to the first peak at approximately 95,657.
2. Wave 2 $BTC : This is the downward correction that comes after wave 1, which occurred from the peak of 95,657 to the bottom at approximately 80,000.
3. Wave 3: Starts from the end of wave 2 (around 80,000) and rises strongly to a new peak at 123,218, which is currently in formation and may not be complete yet.
> Wave 3 in Elliott is usually the strongest, characterized by high trading momentum, as confirmed by indicators such as the MACD and OBV in the chart.
Supporting notes from the indicators:
RSI is bullish and confirms momentum.
MACD indicates a strong bullish crossover.
Stoch RSI is in overbought areas but has not given a reversal signal yet.
OBV is continuously rising, reflecting strong liquidity inflow.
The Bitcoin peak for this cycle is between 140,000 to 160,000, and God knows best.
