E Bitcoin - BTC/USD Elliott Wave Analysis

  • Cryptos recover for  correction within a downtrend
  • Altcoins lose their dominance 
  • Bitcoin can rise up to 43k in case of a flat correction 

Despite the recent recovery in the Crypto market, don't forget, it's a correction within a downtrend, so the only question is how a big rise may occur before bears show up again. For the beginning, we want to show you that ALTcoins are clearly losing their dominance and OTHERS D daily chart can see more downside pressure, so if there's anything to buy, it's Bitcoin

However, even Bitcoin is in a corrective phase, so carefully at this stage, because the whole Crypto market may extend its decline once corrections fully unfold.

OTHERS D Daily Elliott Wave Analysis Chart

Others Elliott Wave analysis

As per Elliott Wave analysis, BTC/USD is trying to recover again, but the wave structure still looks slow and corrective, so we are still tracking a correction, but at this stage, we are observing two counts. As a primary count, we are still looking for a more complex bearish triangle formation, but in case of a bigger rise up to 43k area, then we may see even a flat correction as part of COUNT #2.


Bitcoin 4h Elliott Wave Analysis (Primary) chart

Bitcoin Elliott wave analysis

Bitcoin 4h Elliott Wave Analysis (Count #2) Chart

BTC Elliott Wave analysis

End of the Week Elliott Wave Analysis video covering Bitcoin, Euro, DAX, Facebook, and more 

 

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.