Elliott wave Analysis: BTCUSD and Oil Update

Gregor Horvat Wavetraders

Crude oil has completed five-wave rise, so if we get five-subwaves down within wave a/i, then we can expect at least a deeper three-wave drop within wave c/iii towards 65 level, but after small pullback within wave b/ii.

Crude oil, 1h

BTC is slow in the last days, but we still think it's a part of wave (iv) correction, because it bounced from ideal support around 38,2% Fibo. retracement. and base channel resistance line, which now act as a support. So there's room for more upside towards 8800-9100 within wave (v).

btcusd, 1h

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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