Elliott Wave analysis – Correction on Bitcoin can last for weeks [Video]

Gregor Horvat Wavetraders

BTCUSD hit projected target area for wave III and it's now turning down after the BTC spot ETF approval, ideally with price turning down for a higher degree wave IV correction before the uptrend for wave V resumes. Looking at the latest price data and structure, we see that btc came into 38k support area quite sharply and fast so we think it's wave A and that correction can take more time within a three-wave A-B-C corrective price movement that can later retest 38k-35k support zone for wave C, but after some rally tha is now underway for subwave B.

If you want to hear more about bitcoin check our video below.

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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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