Elliott Waves On Bitcoin Show More Upside
BTCUSD remains in higher degree uptrend as prices broke to new ATH back in March from where we can see a three wave retracement on a daily chart. It appears that this can be higher degree wave IV, that is now trying to stabilize at 53-50k support area. In fact, we can see some nice bounce here on 4h time frame, with price accelerating after breaking above the black resistance line suggesting that wave (C) has ended and a new bullish trend is in the cards. Break above 63859 is now a new indication for a bullish trend; same level can serve as a support, followed by 62k.
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Grega
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.