Bitcoin has picked up strength over the weekend and is now close to mid-July highs after gaining about 10% in the past week.<\/p>\n
At 5.45 am EST today, BTC was trading at around $30,500, up more than 2% in 24 hours. Although the king of cryptos has been on a rally since October 11, there are signs that the steam is running out with this latest high.<\/p>\n
Looking at the Elliott wave, a means of analyzing price movement based on human psychology, the latest high is most likely the second leg of the corrective wave that began with the July highs.<\/p>\n
Following the logic of the Elliott wave principle, the price will break down from these highs with speed to a point just short of the fourth impulse leg that took the price to those highs.<\/p>\n
That leg began on June 15, turning at $24,800. The first corrective leg saw the price return from the July high of $31,800 to $24,900 on September 11 before reversing to today’s level.<\/p>\n
While there is still some leeway for a further small gain, the sound thinking is that a move down is more probable. Elliott wave theory tells us this drop will be slow but surpass the September 11 and June 15 pivots. To that end, a move below $24,800 is quite probable.<\/p>\n
Other reasons for a downturn are the levels of resistance that Bitcoin now faces if it wants to continue to push up. Analyst Matthew Hyland has taken to Twitter<\/a> to voice his forecast: if the rally now does indeed come to an end, the next support levels will be at around $29k.<\/p>\n With little in the way of strong impact macroeconomic news scheduled for today, a consolidation after the strong push is very likely before the drop begins in the coming days.<\/p>\n With Bitcoin Minetrix<\/a>, investors can say goodbye to the concerns associated with third-party cloud mining scams. <\/span><\/p>\n This means that investors have full control over the entire process by using a straightforward staking process (BTCMTX) to earn credits for BTC mining. Cloud mining eliminates the need for expensive mining equipment.<\/span><\/p>\n #BitcoinMinetrix<\/a> demonstrates a tokenized cloud mining system, enabling regular individuals to participate in decentralized $BTC<\/a> mining. ⛏️<\/p>\n Effectively eradicating the risk of third-party cloud mining fraud and granting full control over operations. 🔐 pic.twitter.com\/5fNGlSOnN9<\/a><\/p>\n — Bitcoinminetrix (@bitcoinminetrix) October 18, 2023<\/a><\/p><\/blockquote>\nBTCMTX Alternative to Bitcoin SV<\/span><\/h2>\n
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