Sunday, 5 February 2023

Bitcoin : Impulse or Correction

 BTC/USD Elliott wave chart:

Bitcoin elliottwave chart

As shown in the chart I have labeled Bitcoin waves from the prior low 15450. Wave 2 is deep and simple so I am expecting wave 4 to be shallow and complex.

Forecast 4th wave :
Fibonacci 23.6% is @22400
Fibonacci 38.2% is @21250

If the price comes in this area with three wave move then we will consider it as a part of the correction of the prior 3 waves. If we see any five waves down move from 24260 then wave 123 is considered as ABC & it will be a downside impulse & a downtrend may intake. 

So the next move of Bitcoin as three or five waves will decide the Bull or Bear in Crypto.

Support between 21250-22400
Resistance: 24260

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