Hello Crypto traders!
Today we decided to take a look on BTC Futures chart, mainly because of its open GAP in MAY, which can now act as a strong resistance area.
Well, as you can see, BTC made five waves down from the highs, which in Elliott Wave theory indicates a change in the trend. After every five waves, a three-wave pullback follows and as you can see, BTC can be now unfolding and finishing a three-wave A-B-C correction. Wave C is a motive wave and it should be completed by a five-wave cycle that can ideally stop in the golden 50%-61,8% Fibonacci retracement, from where we should be aware of a reversal down, probably once May's GAP is filled.
What we want to say is that Crypto market is generally in the strong resistance zone, testing June highs, so be very careful in upcoming days, because a reversal down may occur anytime soon, maybe already during the weekend.
Be humble and trade smart!
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.