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Bitcoin Elliott Wave analysis: Eyes higher

Bitcoin Elliott Wave analysis: Eyes higher
Gregor HorvatGregor HorvatWavetraders

Crypto market has slowed down and we can see a potential intraday support now, but keep in mind that we are still in the neutral stage, so we will need to see strong bounce and recovery back to 2T to confirm bulls back in play, otherwise bears could be still in control.

Bitcoin, BTCUSD is showing first evidence for a potential bottom formation in the 4-hour chart, but because of three-wave rise from the lows only, we are observing a complex (W)-(X)-(Y) corrective rally that can send the price higher within wave (Y), especially if current decline is a corrective within wave (X).

Bitcoin 4h Elliott Wave analysis 

Bitcoin Elliott Wave

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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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