EW Analysis: Bitcoin Can Be Bullish
Feb 04 2020
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Today we will talk about Bitcoin from the Elliott Wave perspective.
After that strong and impulsive rise in the first half of 2019, BTCUSD has slowed down in the second part of 2019, but clearly with slow and complex W-X-Y corrective structure that can be also finished with an ending diagonal ( wedge pattern) in wave Y, which is actually a powerful pattern and it usually indicates a sharp and impulsive reversal.
Not only this, we actually got a five-wave bullish reversal, which in Elliott Wave theory signalizes a potential bottom at 6400 level, at least a temporary one. But, after every five waves, a three-wave a-b-c pullback follows, ideally into a higher degree wave B/2. So, before a continuation higher within wave C/3, we should be aware of a slow down into a correction, where ideal support would be between 8200 - 7700 levels.
All that being said, we believe that Crypto market is turning bullish, mostly because of strong and impulsive five-wave rally from the previous lows. Even some ALTcoins made a clear five-wave rise, so those Cryptos can easily see more upside, just be aware of a deeper three-wave a-b-c corrective decline soon before the uptrend resumes.
Be humble and trade smart!
The EW-Forecast team.
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