Elliott Wave analysis: Bitcoin moving Into supports
Hello traders and investors, today we will talk about Bitcoin and its wave structure from Elliott Wave perspective, as we see it finishing a correction and approaching important support zone.
BTCUSD is coming down on a daily chart and it's just about to break June 2021 lows. This is also where we will be looking for strong 28k-20k support area and from where we will expect a bullish reversal again.
The main reason why we are still bullish is a clear corrective structure, more importantly, there are two different interpretations and both suggest a correction within uptrend.
First count is showing an A-B-C corrective decline from the highs after a completed five-wave cycle, while second count is indicating for a bigger irregular/expanded flat correction, where we are already tracking final wave C, but it should be completed by a five-wave cycle, ideally within an ending diagonal/wedge pattern.
Well, what we want to say is that seems like BTC and other ALTcoins are becoming attractive again, so it's just a matter of time before we see recovery and bulls again.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
