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Bitcoin is approaching support, while finishing a correction

Bitcoin is approaching support, while finishing a correction
Gregor HorvatGregor HorvatWavetraders

Bitcoin with ticker BTCUSD made nice and clean impulsive five-wave recovery away from the lows, which from Elliott wave perspective indicates for a bigger recovery. However, after every five waves, there comes a three-wave A-B-C corrective slow down before the uptrend resumes.

Chart

Bitcoin dropped sharply recently, but the current leg down from 31k can still be part of a complex correction that has been underway since May of this year. It's ideally an A-B-C corrective flat pattern, where wave C can be now in progress, so we think that Bitcoin will stabilize, but probably once current wave C fully unfolds with the support around 24k-23k area. Lower, deeper strong support is at 20k.

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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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