TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoins eyes towards 40k-47k resistance level

  • Amazon may accept crypto payments.

  • Crypto currencies see strong intraday price jump.

  • Bitcoin trades into wave c of B.

Bitcoins eyes towards 40k-47k resistance level
Gregor HorvatGregor HorvatWavetraders

We can see strong intraday jump and recovery in the Crypto market as »Amazon may soon allow users to pay in cryptocurrencies like Bitcoin«. But, as you can see, Crypto wave structures still look corrective within downtrend, as we are tracking wave B correction. 

Bitcoin, BTCUSD is making strong and impulsive intraday recovery, which we now ideally see it as part of an A-B-C flat correction within higher degree wave B, where wave C should be completed by a five-wave cycle. So, keep an eye on the projected 40k - 47k resistance area, where bears for higher degree wave C may show up again.

BTC/USD 4h Elliott Wave analysis chart

Bitcoin

Finally, another ELLIOTT WAVE OPEN DOOR Event is here. See all of our charts FREE for 10 days. Join us at Elliot Wave Forecast!

Author

Gregor Horvat

Gregor Horvat

Wavetraders

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

More from Gregor Horvat
Share:

Editor's Picks

Top 3 Price Prediction: BTC, ETH and XRP retreat as Fed rate decision looms

Top 3 Price Prediction: BTC, ETH and XRP retreat as Fed rate decision looms

Bitcoin, Ethereum and Ripple remain under pressure and consolidate at the time of writing on Wednesday after falling more than 3%, 4% and 9%, respectively, as the Clarity Act failed to advance in the Senate on Tuesday.

Crypto Overview: Bitcoin falls to $75,000 as CLARITY Act fails to advance – Pi Network, Injective lead losses

Crypto Overview: Bitcoin falls to $75,000 as CLARITY Act fails to advance – Pi Network, Injective lead losses

Bitcoin (BTC) price trades around $75,000 on Wednesday, following a 3% decline the previous day as the US Senate failed to advance the CLARITY Act to a cloture vote. The broader cryptocurrency market's risk-on sentiment eases, with over $600 million in liquidations in 24 hours, driven primarily by long-position unwinding.
CLARITY fails to pass Senate, what happens next?

CLARITY fails to pass Senate, what happens next?

The US Senate on Tuesday blocked further consideration of the Digital Asset Market Clarity Act, with a procedural vote falling short of the 60 required YEA. The motion to advance the bill failed 49-50, with all 49 supporting votes coming from Republicans. The setback leaves the market-structure bill stalled as Congress moves closer to its midterm election recess.
Ethereum Price Forecast: ETH continues to attract capital despite impending rate hike and Clarity Act failure

Ethereum Price Forecast: ETH continues to attract capital despite impending rate hike and Clarity Act failure

Ethereum (ETH) declined to $2,400 on Tuesday after the Clarity Act failed to progress in the Senate. Despite that and the market's near certainty of an interest rate hike at the next Federal Reserve (Fed) meeting, the top altcoin has continued to attract fresh capital. Ethereum buyers have been dominating sellers over the past few days.
Bitcoin: BTC retreats as macro headwinds grow

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.