Bitcoin Dollar Elliott Wave Update July 31 2020

Bitcoin is up 187% since the 3948.92 March 12 low.  The Elliott Wave form up counts a complete Minuette impulse at the 10359.02 May 31st high.  From there the pair contracted in a triangle which completed Minute-b at the 9136.90 Jul 18 low. 

With the recent triangle break, and the breach of the 10359.02 Minute-a high, the C wave advance is on and in its early stages.  Look back to see how Subminuette (iii) pushed up through the 200EMA on Apr 28th.  Price has been able to maintain above the 200 ever since.  Plus, the breach of the 10359.02 Minute-a.  Volume and momentum are bullish. 

Fear Greed Index is at 75 which is out of a 100.  This is greedy but with room.  Volume has been favoring the upside with the CMF is at *0.29157 which is high.  Momentum is strong which could carry further to the upside. +Di is at 34 as ADX is at 35.29 signaling a very strong trend.  This is all very bullish but begs of a cool down soon. A soon as it cools it would be nice time to buy because the Elliott Wave progression has plenty of room to the upside and can take up to early Oct to complete.  The lower channel trend line is resistance. 

Resistance at the 13826.76 June 25th Minute-a high, the 17126.95 Jan 4th 2018 high, and the 19870.62 Dec 16 2017 high.  And finally upper Minor-c wave potential at the 23906.79 100% CvsA—a gain of 110%. 

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