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Elliott Wave analysis: Shiba Inu lost 40% after completing 5th wave

Elliott Wave analysis: Shiba Inu lost 40% after completing 5th wave
Gregor HorvatGregor HorvatWavetraders

Cryptos have seen a nice bounce this wee which has been technically expected as drop through September unfolded as a correction. We see some nice intraday bullish structure, but even strong intraday trends may face some pullbacks, so do not be surprised if the market slows down.

The reason for a recent rally on cryptos can be coming from the SEC who approved Volt Equity ETF providing exposure to Bitcoin-centric companies, and also JPMorgan comments who said that investors renewed interest in the usage of bitcoin as an inflation hedge. However, cryptos are volatile and they will always come down at some point.

SHIBA Inu per example lost 40% after we recognized the market in a fifth wave. So nothing moves in a straight line.

Shiba Inu 4h Elliott Wave analysis

Shiba Inu Elliott wave Analysis

Check more of our analysis for currencies and cryptos in members-only area. Visit EW-Forecast for details!

Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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