BITCOIN: Pullback before another rally?
Updated
Hi Traders!
The trend is bullish on the main time frames, but today we will only follow intraday chart (Log Scale). That said, from a technical perspective,
BTC is forming a 12345 bullish impulse structure, and we are currently in wave 3. If our analysis is correct, Bitcoin could trigger a corrective structure (ABC or ABCDE Pattern) in short term before developing another rally. On 1H chart we showed the support area and the potential amplitude of wave 5.
OUR LONG TERM ANALYSIS
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The trend is bullish on the main time frames, but today we will only follow intraday chart (Log Scale). That said, from a technical perspective,
BTC is forming a 12345 bullish impulse structure, and we are currently in wave 3. If our analysis is correct, Bitcoin could trigger a corrective structure (ABC or ABCDE Pattern) in short term before developing another rally. On 1H chart we showed the support area and the potential amplitude of wave 5.OUR LONG TERM ANALYSIS
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Note
Note
...still bullish?
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