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
Check more of our analysis for currencies and cryptos in members-only area. Visit EW-Forecast for details!
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.