Bitcoin Elliott Wave analysis
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Crypto currencies are slow & trade sideways.
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Bitcoin trades with in a bearish triangle.
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In case of flat correction it can rise up to 43k area.
Crypto market is still slow and sideways and looking at the wave structures, looks like triangles are approaching the end, but we may see some intraday recovery today, however, carefully during the weekend.
Bitcoin BTCUSD can be still forming a triangle, but there's room for more weakness towards lower triangle line for wave D.
On 4h Chart BTCUSD is trying to recover again, but the wave structure still looks slow and corrective, so we are still tracking a correction, but at this stage we are observing two counts. As a primary count we are still looking for more complex bearish triangle formation, but in case of a bigger rise up to 43k area, then we may see even a flat correction.
BTC/USD 4h Elliott Wave analysis chart
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
