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Triangle on BTCUSD points lower – Elliott wave analysis

Triangle on BTCUSD points lower – Elliott wave analysis
Gregor HorvatGregor HorvatWavetraders

Hello traders,

Cryptos are still slow while waiting for the stock market to find potential resistance. That said, it seems like it may occur soon, as we see a corrective intraday sideways triangle consolidation within a wave (b) of »y«, which can be ending. As such, be aware of further weakness at least for a wave (c) of »y« that can push the price down to 8500 – 8000 area.

BTCUSD, 1h

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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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