Short-term bull/ bear decision yet to be made on Bitcoin – Elliott Wave analysis

Gregor Horvat Wavetraders

BTCUSD is trying to wake up in the 4-hour chart, away from the strong projected 17k- 18k support zone where we noticed a completed five-wave cycle within wave C. However, to confirm a low in place, we need to see a broken channel resistance line this week around 22k/22500 when doors can open for the bulls towards 25300, which was a low back in May. If price will remain slow and choppy and the market breaks 18930 support then keep an eye on count #2; the fifth wave drop to 14k-15k.

Count 1

Count 2

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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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