Bitcoin has seen a recent climb back above $17,000, reaching a 3-week high. However, overall volume for the cryptocurrency has been diminishing, which could indicate that either a low point has been reached or that another low could potentially be on the horizon around the $15,000 mark. Technical analysis using the Elliott Wave theory suggests that there are currently two potential wave counts. The bullish count sees the current movement as part of wave (iii) of iii) of 1, while the bearish count sees it as part of wave c of (ii) of v) of 5. It is important to continue monitoring market trends and developments in order to make informed trading decisions.
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Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
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