Bitcoin Elliott Wave analysis: Be aware of short-term recovery

Gregor Horvat Wavetraders

Good morning Crypto traders! No big changes from yesterday, Crypto market remains under bearish pressure and there can be room for more weakness, especially now when we see strong daily reversal on stocks, just watch out for intraday pullbacks. Two days ago Microstrategy CEO Michael Saylor Discussed that Bitcoin Can Become $100 Trillion Asset Class, but looking at the Microstrategy chart compared to Bitcoin, we can see a corrective movement within downtrend, so »buy the rumor, sell the news« ?

Microstrategy vs Bitcoin Elliott Wave analysis

BTCUSD is sharply and impulsively down in the 4-hour chart after we noticed 5th wave, so seems like temporary top is in place and we can expect much bigger decline at least in three waves A/1-B/2-C/3. Currently, we are tracking a pullback in wave B/2 or alternatively still wave A/1, however, in both cases be aware of short-term corrective recovery only before the downtrend within wave C or 3 resumes.