TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin Elliott Wave analysis – Be aware of slow down before resume uptrend

Bitcoin Elliott Wave analysis – Be aware of slow down before resume uptrend
Gregor HorvatGregor HorvatWavetraders

Bitcoin is trading higher as expected, after a decisive break out of a base channel that also acted as a support after a retest earlier this week. We can see a nice and sharp move up, currently into 52k-53k area where the bitcoin may slow down as former high can represent a strong resistance.

So, be aware of some slow down before uptrend may resume, ideally after the fourth wave. Support on nay set-back from here would be at 48k, but if we see extensions above 53 and towards 56, then of course 53k would be the support to watch.

Regarding the bearish picture, we really should pay attention to 45k , seen as the invalidation level of the bullish price action.

Bitcoin 4h Elliott Wave analysis

Bitcoin Elliott Wave

Check more of our analysis for currencies and cryptos in members-only area. Visit EW-Forecast for details!

Author

Gregor Horvat

Gregor Horvat

Wavetraders

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

More from Gregor Horvat
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.