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.
Get Full Access To Our Premium Analysis For 14 Days. Click here!
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.