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Bitcoin Elliott Wave analysis: Bears may enter at 47k-50k area

Bitcoin Elliott Wave analysis: Bears may enter at 47k-50k area
Gregor HorvatGregor HorvatWavetraders

Bitcoin, BTCUSD is making a bigger recovery, but we still see it as part of an (A)-(B)-(C) flat correction within higher degree wave B, where wave (C) could be finishing a five-wave cycle. 

So, keep an eye on the projected resistance here in the 47k-50k, where bears for higher degree wave C may show up again.

Bitcoin 4h Elliott Wave analysis chart

Bitcoin

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

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

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