Elliott Wave intraday analysis: Bitcoin is finishing 5th wave

Gregor Horvat Wavetraders

Today we will talk about Bitcoin, as we see it nearing strong and important support zone, clearly within an impulsive five-wave cycle for wave 5.

In Elliott Wave theory, any sharp, strong and impulsive wave is a motive wavem, which should be completed by five waves.

Bitcoin is in a free fall in the hourly chart within final 5th wave as expected back on May 30th CLICK HERE. Well, we believe that BTC is now approaching very important support area here around 20k – 19k area, where we are looking for final stages of an impulsive five-wave cycle within that 5th wave.

Currently we are tracking final leg (5) of 5, so watch out for limited downside and be aware of bounce, recovery and bullish reversal ahead of very important FED meeting today.

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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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