Bitcoin Elliott Wave analysis: Looks for a recovery before turning down
Generally speaking, Crypto market is still in an intraday corrective recovery after that five-wave fall, so as BTC. However, the strongest cryptocurrencies like ETH may retest the highs, while other weakest ALTcoins could see a three-wave pullback only. So, be aware of more upside in the short-term, but still watch out for limited intraday gains.
With current sharp rebound from the intraday lows, BTCUSD looks to have a completed wave »v« of A/1. So, we can now expect a three-wave a-b-c pullback in wave B/2 before a continuation lower within wave C/3. First resistance would be at the former wave »iv« swing high, while second one would be at the wave »i« swing low.
Bitcoin 4h Elliott Wave analysis
Check more of our analysis for currencies and cryptos in members-only area. Visit Wavetraders for details!
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
