Bitcoin making a wedge pattern: Elliott Wave analysis

Gregor Horvat Wavetraders

Bitcoin – BTCUSD is trading at strong monthly support zone, but on a daily basis, it can still be pointing lower within the final 5th wave that can be forming an ending diagonal ( wedge ) pattern. We see it currently trading in subwave 4 correction, testing that June lows as a resistance from where we can see another and final decline for wave 5 of (5) with room towards 14k-12k area.

It appears that Bitcoin can see some nice turn up in 2023, but any earlier rebound and rally back above 21500 level might be signal for a completed 5th wave.

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Author

Gregor Horvat

Wavetraders

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

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