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Ultimate Bitcoin analysis. Global overview April 2024

In this article we will discuss what is coming next for Bitcoin in the 2024

Cryptocurrency trading has a lot of risk due to increased price volatility. Even the best best crypto traders made a lot of mistakes during the correction which has been started in March. Market can show boring sideways for a long time, about 70-80% of all the time. In such periods even top crypto traders and top crypto platforms face with losses. Skyrex AI Bot has the smart system which detects when correction can be started and define the price range where it can safely accumulate assets for the further growth. It did it in March and it’s doing the same right now. 

Today we are going to share with you the ultimate Bitcoin analysis, according to our algorithmic trading bot so you can use the right predictions in your trading. Corrections are very dangerous and most of traders are scared and panic selling at the local bottoms. How to avoid it? Let’s discuss today. 

Let’s start with the weekly chart. According to our crypto trading strategies first of all we shall check the higher time frame to define the overall picture. On the weekly time frame we can see the entire bull run 2023-2024. Bull run is always an impulse that is why we can count Elliott waves inside it. All impulses consists of 5 waves and our purpose is to count where is can be wave 5 to top to left the market or open a huge short. 

The first thing we can do is to understand where is the wave 3 top. Wave 3 corresponds to the highest value on the Awesome Oscillator. We can see now that we have the maximum AO value and there is the only first week which can be closed red on the histogram. Wave 4 of the highest degree cannot be over yet because we shall see the zero line cross under on AO first. Imagine how big can be this correction. It can easily reach 53k. This is 0.38-05 Fibonacci support levels. That’s why it’s vital to take your profit before huge dump.

Chart 1. Bitcoin 1 week time frame.

To avoid the potential loss let’s take a look at the 2D time frame. This time frame is used to calculate the end of the wave 3. Wave 3 is also an impulse which consists of 5 waves. Looking at the Awesome Oscillator we can notice that wave 4 inside wave 3 has not been finished or may be has not be even started and we still in wave 3 in 3. We think that wave 3 in 3 target area is next to the current price therefore we can measure the correction target. 0.38 Fibonacci level is the reliable target for the wave 4. It’s approximately 59k. Moreover, we can see that wave 4 lower degree ended here, which gives us much more reliable target. It looks logically that price shall retest the support before going higher. 

Chart 2. Bitcoin 2D time frame.

By switching to 1D time frame we can have even more precise target for wave 3 in 3. We can see that Awesome Oscillator reached it’s top at $73k and then crossed the zero line. It means that now wave 4 inside wave 3 is in progress. It looks like triangle. That’s why we don’t wait big drop now. This multi time frame cryptocurrency trading strategy allows us to be ready for market reversal before the most traders. Now we expect pump to 77k to finish wave 3 in 3 and then the first big drop. 

Chart 3. Bitcoin 1D time frame.

Let’s summarize all the analysis. First of all we are waiting for the pump to 77k to finish wave 3 in 3, then we will see the wave 4 in 3 which can retest the 59k. Then wave 5 in 3 reach new high. May be it will be 80k+, but the most exact target we will know only when it happen. Then the larger correction in global wave 4 anticipated. It can reach 53k. We think there most of traders will be bearish. That’s why it’s needed to print the last wave 5. In our opinion it will not overcome 100k. Only after that the huge bear market will come to crypto. But it’s not soon, may be in the end of this year. 

Best regards,
Skyrex Team

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