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

Gregor Horvat Wavetraders

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.