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Bitcoin eyes more upside: Elliott Wave analysis

Bitcoin eyes more upside: Elliott Wave analysis
Gregor HorvatGregor HorvatWavetraders

Crypto market is in a strong rise and seems like it's unfolding a five-wave bullish cycle, so we can expect more upside, just be aware of intraday pullbacks. If Crypto market suddenly drops back below 1.77 invalidation level, then we will have to adjust the wave count.

Bitcoin, BTCUSD is showing first evidence for a potential bottom formation in the 4-hour chart and seems like it's unfolding a five-wave bullish cycle within higher degree wave (A). If that will be the case, then we can expect a bigger (A)-(B)-(C) recovery in upcoming days/weeks, we just have to be aware of a pullback in wave (B) before we will see more upside within wave (C)

Bitcoin 4h Elliott Wave analysis

Bitcoin Elliott Wave

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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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