In a recent video, analyst Nick discussed the current state and future expectations of Bitcoin’s price action, focusing on technical analysis and Elliott Wave Theory.
Nick identified a few key technical indicators that suggest a potential rally for Bitcoin in the short term. He noted that the RSI is currently oversold, indicating that a bounce may be imminent. He also pointed out that Bitcoin recently formed a golden cross on the weekly chart, which is a bullish signal.
Elliott Wave Theory
Nick also used Elliott Wave Theory to analyze Bitcoin’s price action. He suggested that Bitcoin may be in the process of completing a corrective wave pattern, which would likely be followed by a rally.
Nick outlined a range of potential targets for Bitcoin’s price, including $28,100 to $28,870. He suggested that Bitcoin may experience a brief drop before a potential rally.
Overall, Nick’s analysis suggests a potential rally for Bitcoin in the short term. However, he emphasized the importance of smart money concepts and trend analysis, and he noted that Bitcoin needs to break above $28,588 or potentially fall to $22,000 to change its current structure.