๐ฅ Bitcoin Elliot Wave Pattern: Corrective Wave
After reaching $65k last week, it appears that BTC has topped, at least for the near term. See my previous analysis on that:
Looking back, we can now safely say that the bullish Elliot wave pattern has finished and that we're currently in the first corrective wave A of the Elliot wave theory. Be aware that point A on the chart might go lower from here, I put it there for illustration. It has to stay above point 4 for the theory to be valid.
Assuming that the Elliot wave theory holds, we might soon see a recovery of the price towards the $55k area. In the end, this correction could launch us back towards $40k, potentially even lower, before starting a new bullish push. I'm still bullish for the remainder of the year, but this might be the first strong correction of the current bull-run.
Happy trading!
Looking back, we can now safely say that the bullish Elliot wave pattern has finished and that we're currently in the first corrective wave A of the Elliot wave theory. Be aware that point A on the chart might go lower from here, I put it there for illustration. It has to stay above point 4 for the theory to be valid.
Assuming that the Elliot wave theory holds, we might soon see a recovery of the price towards the $55k area. In the end, this correction could launch us back towards $40k, potentially even lower, before starting a new bullish push. I'm still bullish for the remainder of the year, but this might be the first strong correction of the current bull-run.
Happy trading!
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