BTC is still rising according to technical analysis
Crypto trader @JJcycles tweeted, “we are still in a bull market”, with Elliot Wave’s analysis of BTC prices supporting the claim. Crypto trader @ JJcycles tweeted, “we are still in a bull market”, with Elliot Wave’s analysis of Bitcoin prices supporting the claim.
Elliot Wave shows fifth wave of BTC coming up
Elliott Wave is an analysis of the long-term trends of the price patterns and how they correspond to the investor mentality. These denominations, called “waves,” were built on specific rules developed by Ralph Nelson Elliott in the 1930s.
Wave 5 is the last wave in the main trend. This is a time when many people are interested in the best investment markets and are mostly psychologically affected. People will think of many reasons to invest and will not listen to advice that prevents them. This is the time of the highest price rise.
According to @JJcycle, the first wave of pushes peaked around June 2019, leading to a cycle of ups and downs, bringing us to the current moment-the bottom of the fourth wave. @JJcycle predicts the start of the fifth upthrust wave and may eventually peak at around $200,000 in September or October.
Limitations of technical analysis
Technical analysis is a chart analysis method frequently used by investors for the purpose of forecasting future prices. When using technical analysis, investors only need to be concerned about price movements and how prices have moved or performed in the past. Thanks to this information, investors can identify possible future movements.
However, it takes no account of fundamentals, such as network activity or the number of new wallets. Nor does it consider macro analysis, such as payroll data, production indicators, inflation rate, or jobless claims. Nor does it consider macro analysis, such as payroll data, production indices, inflation rates or declarations of unemployment.
So critics argue that technical analysis only gives a simple view of what is happening in a given market.
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