Bitcoin Has Opened The Door To Rally Deep Into All-Time Highs (Technical Analysis)

(9min)

Summary

  • Following its recent consolidation phase, Bitcoin is poised for a significant rally, potentially reaching $176,000.
  • An initial five waves up have formed in the Elliott Wave Theory analysis, indicating the start of a new rally.
  • A corrective pullback to form wave 2 is anticipated, providing an optimal entry point for long positions.
  • Focus on Bitcoin's chart independently of the broader market, like the S&P 500; there's no actual correlation there anyway.

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KanawatTH

In this difficult time in tech stocks with selloffs (and now bounces) creating uncertainty and volatility, I've been looking for the diamonds in the rough – the ones bucking the market trends. Just a few tech stocks are doing this, but there's a major player

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This article was written by

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Joe Albano is a tech insider with a background and education in electrical and software engineering. He has a unique understanding of current technology and innovation trends as well as what companies are best positioned for future growth across all areas of tech, including AI, as he has called it accurately over the last several years.

Joe leads the investing group Tech Cache where he delivers industry insider expertise to those looking for the best long-term picks, trades, and technical analysis of tech and growth stocks. Features of the group include: access to Joe’s personal portfolio, 2-3 weekly investment ideas, a weekly summary and preview newsletter, watchlist stocks, an automated stock rating system, and live chat.

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I have a small position in SPY August $440 puts.

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