Elliott wave analysis: BTC/USD and IOT/USD turning lower

Gregor Horvat Wavetraders

Cryptos are down as expected, due to fear of potential higher US capital texes and legal issues but there can be some potential support. However, on the intraday basis seems like a five-wave cycle is unfinished, so be aware of a downside pressure today and maybe we will see some recovery during the weekend.

BTC/USD

BTCUSD is slowing down after we noticed wave 5 of V, so be aware of deeper and longer higher degree correction now which should be made by three waves A-B-C down to the first support around 43k level.

IOT/USD is turning nicely down after we noticed 5th wave, so we are tracking a higher degree A-B-C correction that can stop anywhere here in the 1.45 – 0.90 zone. Waiting for strong and impulsive rebound to confirm a completed correction.

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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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