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Bitcoins eyes towards 40k-47k resistance level

  • Amazon may accept crypto payments.

  • Crypto currencies see strong intraday price jump.

  • Bitcoin trades into wave c of B.

Bitcoins eyes towards 40k-47k resistance level
Gregor HorvatGregor HorvatWavetraders

We can see strong intraday jump and recovery in the Crypto market as »Amazon may soon allow users to pay in cryptocurrencies like Bitcoin«. But, as you can see, Crypto wave structures still look corrective within downtrend, as we are tracking wave B correction. 

Bitcoin, BTCUSD is making strong and impulsive intraday recovery, which we now ideally see it as part of an A-B-C flat correction within higher degree wave B, where wave C should be completed by a five-wave cycle. So, keep an eye on the projected 40k - 47k resistance area, where bears for higher degree wave C may show up again.

BTC/USD 4h Elliott Wave analysis chart

Bitcoin

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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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