EW Analysis: Bitcoin Can Be Finishing A Five-Wave Cycle

Intermediate

BITCOIN (BTCUSD) is approaching very important and psychological 10k target area and what is very interesting is that from the Elliott wave perspective, it is clearly finishing five waves up, which means that we have to be aware of limited upside and a potential bearish reversal into a deeper and a higher degree correction. The main reason for a potential decline can be also seen in the GBTC (Grayscale Bitcoin Investment Trust) chart in which we see a completed leading diagonal from the lows. All that being said, due to a five-wave rally from the lows, Crypto market can be bullish confirmed, but now when it is approaching important target with five waves, we just have to watch out for corrective declines before uptrend resumes.

BTCUSD and GBTC ( Grayscale Bitcoin Investment Trust) charts, 1h + 4h

BTCUSD and GBTC ( Grayscale Bitcoin Investment Trust) charts

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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