{"id":7675,"date":"2022-09-14T20:54:23","date_gmt":"2022-09-15T00:54:23","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=7675"},"modified":"2022-09-14T20:54:23","modified_gmt":"2022-09-15T00:54:23","slug":"watch-bitcoin-bear-market-corrective-patterns-examined-btcusd-september-14-2022","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/09\/14\/watch-bitcoin-bear-market-corrective-patterns-examined-btcusd-september-14-2022\/","title":{"rendered":"WATCH: Bitcoin Bear Market Corrective Patterns Examined | BTCUSD September 14, 2022"},"content":{"rendered":"

In this episode of NewsBTC\u2019s daily technical analysis videos<\/a>, we examine two bear market corrective patterns in Bitcoin price according to Elliott Wave Theory<\/a>.<\/p>\n

Take a look at the video below:<\/p>\n

VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0September 14, 2022<\/p>\n

After yesterday\u2019s CPI report, Bitcoin is once again on the ropes. At this point, we need to consider the potential of another downside move if support fails.\u00a0In yesterday\u2019s video<\/a>, it was mentioned we would be reviewing two potential corrective patterns according to Elliott Wave Theory to provide a bullish and bearish scenario.<\/p>\n

The Bullish Scenario For BTCUSD<\/p>\n

The bullish scenario has the current support level holding. In this case, the pattern would more than likely be a double-three correction, with a zig-zag correction during wave Y.\u00a0<\/p>\n

During a complex correction in Elliott Wave<\/a>, other patterns like flats, triangles, and zig-zags can connect. When drawing such corrections, the larger correction is drawn using WXY, while each sub-correction is labeled with a more familiar ABC.<\/p>\n

Adding potential credence to this type of correction, price will have found support at precisely the 0.764 Fibonacci level which is a common termination point for certain types of Elliott Wave corrections.<\/p>\n\n

Quite the dump the second CPI numbers were released | Source: BTCUSD on TradingView.com<\/a>
\nThe Bearish Breakdown Version<\/p>\n

In the bearish version, we will have what is more than likely an expanded flat pattern. An expanded flat<\/a> is a larger ABC pattern, with a five-wave impulse down during wave C. This would give us one more level down to find support much lower.<\/p>\n

A deeper correction in Elliott Wave can alternatively terminate at the 0.854 Fibonacci.\u00a0The level is also similar to the 1.414 Fibonacci extension taken from the length of the A wave. The ultimate target would be between $13,500 and $14,800 before a possible reversal. <\/p>\n\n

The weekly buy signals are now at risk | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: WATCH: Bitcoin Weekly Chart Fires Bottom Signals At Open | BTCUSD September 12, 2022<\/a><\/p>\n

Why Bitcoin Could Have Another Bull Run Left<\/p>\n

As long as Bitcoin price<\/a> doesn\u2019t close a weekly candle below $11,500, according to an Elliott Wave motive wave setup, we should have one more wave up to go.\u00a0<\/p>\n

In conclusion, Bitcoin price has a 50\/50 chance of correcting further, but a much higher probability of reversing to new highs once the current correction has ended regardless of its termination point. The long term view on Bitcoin remains bullish.<\/p>\n\n

Will BTC close above $40K to end the year? | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here<\/a> to access the free educational program.<\/p>\n

Follow @TonySpilotroBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n

Featured image from iStockPhoto, Charts from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In this episode of NewsBTC\u2019s daily technical analysis videos<\/a>, we examine two bear market corrective patterns in Bitcoin price according to Elliott Wave Theory<\/a>.<\/p>\n

Take a look at the video below:<\/p>\n

VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0September 14, 2022<\/p>\n

After yesterday\u2019s CPI report, Bitcoin is once again on the ropes. At this point, we need to consider the potential of another downside move if support fails.\u00a0In yesterday\u2019s video<\/a>, it was mentioned we would be reviewing two potential corrective patterns according to Elliott Wave Theory to provide a bullish and bearish scenario.<\/p>\n

The Bullish Scenario For BTCUSD<\/p>\n

The bullish scenario has the current support level holding. In this case, the pattern would more than likely be a double-three correction, with a zig-zag correction during wave Y.\u00a0<\/p>\n

During a complex correction in Elliott Wave<\/a>, other patterns like flats, triangles, and zig-zags can connect. When drawing such corrections, the larger correction is drawn using WXY, while each sub-correction is labeled with a more familiar ABC.<\/p>\n

Adding potential credence to this type of correction, price will have found support at precisely the 0.764 Fibonacci level which is a common termination point for certain types of Elliott Wave corrections.<\/p>\n

Quite the dump the second CPI numbers were released | Source: BTCUSD on TradingView.com<\/a>
\nThe Bearish Breakdown Version<\/p>\n

In the bearish version, we will have what is more than likely an expanded flat pattern. An expanded flat<\/a> is a larger ABC pattern, with a five-wave impulse down during wave C. This would give us one more level down to find support much lower.<\/p>\n

A deeper correction in Elliott Wave can alternatively terminate at the 0.854 Fibonacci.\u00a0The level is also similar to the 1.414 Fibonacci extension taken from the length of the A wave. The ultimate target would be between $13,500 and $14,800 before a possible reversal. <\/p>\n

The weekly buy signals are now at risk | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: WATCH: Bitcoin Weekly Chart Fires Bottom Signals At Open | BTCUSD September 12, 2022<\/a><\/p>\n

Why Bitcoin Could Have Another Bull Run Left<\/p>\n

As long as Bitcoin price<\/a> doesn\u2019t close a weekly candle below $11,500, according to an Elliott Wave motive wave setup, we should have one more wave up to go.\u00a0<\/p>\n

In conclusion, Bitcoin price has a 50\/50 chance of correcting further, but a much higher probability of reversing to new highs once the current correction has ended regardless of its termination point. The long term view on Bitcoin remains bullish.<\/p>\n

Will BTC close above $40K to end the year? | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here<\/a> to access the free educational program.<\/p>\n

Follow @TonySpilotroBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n

Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-7675","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/7675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=7675"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/7675\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=7675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=7675"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=7675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}