- China central bank crackdowns cryptocurrencies
- Bitcoin trades within a bearish triangle
- Altcoins look very bearish
Today China Central bank says to banks and payment firms must not provide services including opening accounts, registration, transaction clearing & settlement for cryptocurrencies-related speculations.
Crypto market remains nicely bearish as expected and looks like there's room for more weakness as bears are still in control. Looking at Bitcoin seems like it can be still trading within a bearish triangle formation where wave E is still missing, but other major ALTcoins look very bearish within a five-wave cycle.
Crypto market looks clearly bearish, we may just see a temporary intraday recovery in case if BTC is about to jump into a wave E, while ALTcoins can maybe see a more complex wave 2 correction before we will see more downside pressure.
Bitcoin 4h Elliott Wave Analysis Chart
Elliott Wave Analysis Video - USDCHF, Silver, DAX, Bitcoin
Comments
Log in or sign up to join the conversation.