Bitcoin (BTC) Forecast with NEoWave(Update5)
The correlation between the Bitcoin chart and the Global M2 , as long as the price remains above $70,000,
NEoWave was developed over decades by Glenn Neely. It is the first logical, scientific approach to market analysis ever created. His book, Mastering Elliott Wave, goes into great detail regarding the majority of his discoveries and advancements to the field.
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Cash Data Indicator in TradingView
Unlike regular candlesticks that show all details (open, close, high, low), Cash Data uses only the key price points—highest (High) and lowest (Low)—in a specific time period, drawn as lines. This cuts out the noise and small price changes, giving you a cleaner view of the trend.
Why is it important in NEoWave and Elliott Wave?
In NEoWave and Elliott Wave analysis, the aim is to spot price patterns like upward and downward waves. Cash Data simplifies this by removing extra details, making it easier to identify the main waves and trends. It draws lines where each line represents a price wave (monowave). With these lines, you can clearly see the start and end of waves, their direction, and bigger patterns (like corrective or impulsive waves).
This indicator can accurately plot Cash Data for any symbol and timeframe you choose.
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The correlation between the Bitcoin chart and the Global M2 , as long as the price remains above $70,000,
A common problem often seen among novice analysts . analysis method in NEoWave is Top-Down, meaning you should start from higher timeframes..
we observe that after a rapid and significant rise, a correction in TOTAL3 has begun, which appears to be forming a Neutral Triangle pattern
Considering that the wave-(B) has taken a lot of complexity and time, it seems that the wave-(F) is not completed
In the 6-month cash data for Bitcoin, it appears that a Running Neutral Triangle is forming and we are currently in wave-D of this triangle
Based on the price size of wave-B, it appears that a flat pattern with a regular wave-B is forming. In this pattern,
While many analysts thought that the NIFTY50 correction was over, the index is still moving towards the specified targets
Wave-(g) continues to the range and then a small X-wave is formed, but the price crosses the support range of 21050 – 21473…
In this scenario, if the Bitcoin price is maintained above $70,000, there is a possibility of a double combination pattern
In general, corrective patterns are very complicated and may deceive you. For example, you expect a standard pattern to form…..
Looking at the DXY chart and the time of wave-(d) from wave-(E), it seems that wave-e from wave-(f) is forming and we still think that gold
In the previous analysis, I had considered wave-C as a double pattern (Flat – X – Reverse Contracting Triangle), but it seemed to have a degree problem