E Bitcoin And Galaxy Digital Holding Search Bottom Before Rally

  • Galaxy Digital Holding follows Bitcoin
  • Bitcoin unfolds wave A with in wave (IV)
  • Recovery can take place before final decline

Galaxy Digital Holding, one of the most popular Crypto-related stocks has now just like BTC is also five waves down from the highs. There will be a recovery soon, but probably a corrective one only. ALTcoins will bounce and rise too, but long term they will probably stay in a bigger sideways range. Only a few, which are currently the strongest ones will be able to test all-time highs earlier. At the moment, there's room for more weakness, so the bottom is not in place yet.

GLXY vs. BTC Daily Elliott Wave Analysis Chart

galaxy holding

Bitcoin, BTCUSD turned down exactly from the projected target area for wave V of (III) and it's now trading nicely within wave (IV) correction, which will obviously take even more time as we see five waves down from the highs as part of the first leg A. So, after a corrective recovery in wave B that can occur anytime soon, we will have to be aware of another sell-off for wave C to complete a three-wave A-B-C correction within wave (IV) before we may see a rally back to all-time highs.

Bitcoin Daily Elliott Wave Analysis Chart

Bitcoin Elliott Wave Analysis

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.

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William K. 6 days ago Member's comment

It appears that the 5-wave theory often tends to predict what will happen next, at least sort of, most of the time. Unfortunately the instance where it fails to apply may be rather painful. Life works that way quite frequently.