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Hello traders.
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!

BTCUSD, 4h



Trade well,

The EW-Forecast team.

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Good day traders,

S&P500 started dropping from the 3340 level, where sub-wave 5) of a higher degree wave 3 had found a top. This drop can now represent part of a three-wave corrective move into a wave 4, which can look for support/bullish turn near the 3181/3070 region. That being said, a breach below the lower Elliott wave channel line will confirm a wave 4 correction to be underway.

If you want to be on track with our analysis and outlook in the future, make sure to consider a 7-Day trial at ew-forecast.com.

S&P500, 4h



Trade well,

The EW-Forecast team.

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Good evening traders,

Bitcoin topped in December of 2017, then bottomed again in December of 2018 and this was a bigger higher degree corrective decline in 2018, mainly because of a triangle in the middle. Then, in the beginning of 2019 we have seen strong push to the upside, clearly with five waves, which is actually a signal for the bullish trend. Later, in the second half of 2019 Bitcoin fell once again, but as you can see in very slow and overlapped manner, so corrective wave structure that lasted for 6 months, and again it bottom, you wont believe it, again in !!December!!! of 2019. And now, at the beginning of 2020, we can see quite impulsive and significant recovery, which was expected based on many evidences like a bullish divergence in the RSI and MACD indicators or a corrective decline into the strong support area of the previous triangle pivot from 2018, plus a base channel line from 2019. All that being said, we assume that Crypto market, specifically Bitcoin can be turning bullish again, especially if we see a decisive break above resistance line of a corrective channel. But in any trend there are pullbacks and a lot of tricky price actions in the middle. So if you want to be on track with our analysis and outlook in the future, make sure to consider a 7-Day trial at ew-forecast.com.

Trade well,

The EW-Forecast team.

BTCUSD Daily

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