Bitcoin Elliott Wave analysis: Looks for a recovery before turning down
|Generally speaking, Crypto market is still in an intraday corrective recovery after that five-wave fall, so as BTC. However, the strongest cryptocurrencies like ETH may retest the highs, while other weakest ALTcoins could see a three-wave pullback only. So, be aware of more upside in the short-term, but still watch out for limited intraday gains.
With current sharp rebound from the intraday lows, BTCUSD looks to have a completed wave »v« of A/1. So, we can now expect a three-wave a-b-c pullback in wave B/2 before a continuation lower within wave C/3. First resistance would be at the former wave »iv« swing high, while second one would be at the wave »i« swing low.
Bitcoin 4h Elliott Wave analysis
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