Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Bitcoin’s Hourly, Daily, and Weekly Performance Examined by Chart Analyst

Published 13/10/2023, 18:54
© Ink Drop Bitcoin’s Hourly, Daily, and Weekly Performance Examined by Chart Analyst
BTC/USD
-

Coin Edition -

  • Bitcoin incurred a 3% loss under the seven-day performance metric.
  • The analyst said BTC failed multiple breakout points, such as $27,300 and $28,588.
  • A chart analyst claimed more significant bearish signals for Bitcoin using Elliott Wave Analysis.

Bitcoin has incurred an over 3% loss in its value under the seven-day performance metric, according to data. While Bitcoin trades below the $27k mark, Nick Regan, a chart analyst at the Cheeky Crypto YouTube channel, beamed the spotlight on BTC’s various time frames.

The analyst stated that the one-hour, one-day, and one-week time frames are the most important to consider in light of Bitcoin’s current performance.

Regan began by discussing the hourly chart, utilizing the Elliott Wave Theory to evaluate the current market structure. According to the analyst, Bitcoin appears to be searching for its fifth wave low, a part of a wave three low.

He underscored that, based on the Elliott Wave Theory technical analysis, each wave in the overall pattern typically consists of smaller five-wave structures. Notably, Regan sought to establish a bearish outlook since Bitcoin has failed to breach a crucial wave high at around $27,300.

Besides, the analyst drew attention to a double top pattern and an overbought condition on the hourly chart, indicating a likelihood of momentum shifting to the downside. He suggested that significant upward movements might only occur after this shift takes place.

Furthermore, the analyst moved to the daily chart and underlined that Bitcoin was similarly building towards its fifth wave movement, with a target range between $22,477 and $23,787. He noted that this target had remained consistent for a considerable period.

He emphasized that despite coming close to breaking out of the low wave structure, Bitcoin failed to do so. Additionally, Regan mentioned that the breakout would have occurred at $28,588. As a result, he argued that Bitcoin is still in the process of moving down towards its target lows.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. CoinEdition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Bitcoin’s Hourly, Daily, and Weekly Performance Examined by Chart Analyst appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.