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Bitcoin analysis for July 26. Bitcoin rose sharply in recent days but growth potential is limited

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The wave counting of the 4-hour chart of the bitcoin cryptocurrency is not quite standard, but at the same time, it is quite understandable. The instrument is moved exclusively by three-wave corrective structures of different sizes. All these structures are clearly visible in the picture. Based on this and the fact that the instrument failed to break through the 100.0% Fibonacci mark, I assume that the construction of a new three-wave pattern has now begun, this time an upward one. If this is indeed the case, then the supposed wave a may already be completed or is nearing its completion. If this assumption is correct, then the formation of a downward corrective wave b may soon begin with targets located near $34,229, which corresponds to 50.0% Fibonacci. After that, the instrument can make another attempt to rise to the 38.2% Fibonacci level, where most of the previous upward waves ended.

The news background for bitcoin, as I have said many times, remains quite negative. But at the same time, the markets still found reason for optimism, since the cryptocurrency has risen by several thousand dollars over the past few days. The greatest support for bitcoin was, as is often the case, Elon Musk, CEO of Tesla and Space X. Musk said at a conference on digital assets that not only Tesla and himself own bitcoin, but also his company SpaceX. In addition, Musk again said Tesla could return to bitcoin car sales. These messages from one of the richest people on the planet have sparked an increase in demand for bitcoin. In addition, today it became known that Amazon CEO Jeff Bezos is also considering the possibility of using the most popular cryptocurrencies when paying for goods and services.

However, this news was not confirmed personally by Bezos, but it was reported by several sources at once. And besides that, the integration of digital assets into Amazon's business could be expected by the markets. Nevertheless, it is one of the largest and most expensive companies in the world, and such companies try to keep up with the times and not lose sight of new technologies. So, most likely, this information is true. And bitcoin, which was not trading too actively on Sunday, rose by $5,700 tonight. Obviously, some event led to such an increase. And there were no other events except the news from Amazon. Thus, bitcoin has started building a new triple upward wave, but it may meet with strong resistance near the level of $41,500, where the important 38.2% Fibonacci level passes. Until a successful attempt to break through this level, there is nothing to count on a stronger growth of the main cryptocurrency.

Based on the analysis, I believe that the next three downward wave structure has completed its construction near the 100.0% Fibonacci level. Thus, the construction of the new three upward waves has now begun. The first wave may already be completed, so around the 38.2% level, I recommend catching a downward reversal and selling bitcoin with targets around $34,229. After the completion of the construction of wave b, another upward surge will follow within wave c.

The material has been provided by InstaForex Company - www.instaforex.com