Cryptocurrencies remain at the intraday highs and we have seen a slightly move higher over the weekend, but keep in mind that we are still at the strong and important resistance zone, from where we may see sharp and impulsive reversal down that can occur anytime soon. The main reason can be the BTC Futures chart, which has already filled the GAP on Friday last week and is right now approaching the golden 61,8% Fibonacci retracement level.
As per Elliott Wave analysis, Bitcoin, BTCUSD is in the recovery mode after we noticed a five-wave decline from the highs as part of the first leg A, so now we are tracking an A-B-C flat correction within wave B that can find the resistance soon, ideally here around 50k-55k area.
Bitcoin Daily Elliott Wave Analysis Chart[Count #1]
However, just in case BTC. Dominance kicks in and if we see a much bigger recovery, then also keep an eye on the alternative count, where A-B-C corrective decline from the highs can be completed.
Bitcoin Daily Elliott Wave Analysis Chart[Count #2]
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