(Video Analysis) BTCUSD: Is Correction Already Over?

Updated

Traders, welcome back to our new Video Analysis on bitcoin. The question is.. are lows in place, or are we going down for 8k? I think it can be too early to say that lows are in, simply because we do not have enough of upward impulsive structure and bullish momentum that are needed to confirm resumption of an uptrend.

I will stick to 8k, or just simply wait on five wave rally above 14k before we may say that lows are in. Check out video for more details.

Again, I would appreciate your feedback in the commentary box below!

If you have any questions let me know.

And remember, trade with your stops in place or you can go broke!

Grega

p.s. I have no position open, and this is not an investment advice. Please do your own research!

Note

welcome back everyone. A lot of you asked for an update so here it is:

we have seen move up towards 13 k recently, but noticed that recovery is clearly in three waves, also retraced by a recent break beneath the channel support. This looks like a temporary bounced, therefore, it would be too soon to turn bullish. I still think new lows will be seen.

Note

Recent price move confirms an important fact that bulls are having hard times breaking above the upper side of a trading range. This now looks like a triangle in wave four, so bias remains unchanged; looking for another final leg down. Be aware of some volatility during weekend.

Note

BTCUSD is again back below 11k. There were a lot of attempts for a breakdown. "Longer in time is consolidation, sharper and faster is a breakout in price" which normally happens from a triangle.

Also, when others will realize that BTCUSD is not that "slow anymore" traders will try to act on that breakdown, but it could be too late then as will be time for a bounce.

Note

New lows... if someone did not notice :) New video update coming soon, not today but soon.

Note

DON'T MISS NEW VIDEO ANALYSIS!

Note

MAKE SURE YOU DON'T MISS OUR LATEST VIDEO ANALYSIS!

ew-forecast

👉wavetraders.com/elliott-wave-plans/

Learn Elliott Waves
👉 wavetraders.com/academy/

Newsletter Sign up
👉 bit.ly/3FVPVzO

Also on:

Related publications

(VIDEO) BTCUSD Resumes Weakness For 10k, Maybe Even 8k

by ew-forecast

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.