EW ANALYSIS: Bitcoin In A Big Bullish Triangle?!
Updated
Hello traders, today we will talk about Bitcoin!
Bitcoin is trading sideways since the end of June, which more and more looks like a corrective bullish triangle pattern in wave 4. One of the main reasons for this view is GBTC - Grayscale Bitcoin Investment Trust in which we also see a bullish triangle formation, so don't be surprised if BTC bounces again soon!
Even ALT coins are trading at strong support levels, while BTC is trading bearish, because BTC is losing its dominance! So, when BTC finds support, this is when ALTs may fly high!
However, to confirm our view, we need a strong rise back above 11000 level, but bulls can be confirmed only above 12000 region that can later open door for 15000-16000 area within the final wave 5!
Be humble and trade smart!
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.
Bitcoin is trading sideways since the end of June, which more and more looks like a corrective bullish triangle pattern in wave 4. One of the main reasons for this view is GBTC - Grayscale Bitcoin Investment Trust in which we also see a bullish triangle formation, so don't be surprised if BTC bounces again soon!
Even ALT coins are trading at strong support levels, while BTC is trading bearish, because BTC is losing its dominance! So, when BTC finds support, this is when ALTs may fly high!
However, to confirm our view, we need a strong rise back above 11000 level, but bulls can be confirmed only above 12000 region that can later open door for 15000-16000 area within the final wave 5!
Be humble and trade smart!
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.
Note
BTC Futures chart has just closed the GAP, which usually act as a support once it gets filled, so just another evidence of a potential bullish reversal.Note
We are tracking many markets like stocks, fx and commodities together with cryptocurrencies! And right now, we see very clear positive correlation with EURUSD and as you can see, we are looking for a correction within uptrend, so if EURUSD finds support and turns up, then Bitcoin may easily follow!Note
Big decline on Bitcoin, but still can be as part of wave "c" of a big bullish triangle pattern! Have you noticed that we have also a small open GAP from the last weekend on BTC Futures chart?! If BTC recovers, then this would be an ideal resistance for wave "d".Note
GBTC is doing what it has to do! Triangle might be finished, but with a potential intraday small pullback, BTCUSD can see the final wave "e". Anyway, we believe that BTC remains bullish and it should not go back below 9000. We have seen very nice recovery on Bitcoin as expected and even BTC Futures can be hunting that GAP for wave "d", so there's still room for a bigger recovery. Just keep in mind that this is a corrective recovery, which means that it's a possibility of a more complex rise here towards 11200 - 12000 area!
Note
bitcoin broke down, for a deeper complex correction. watch that similarity of a pullback compared to buyers that caused corrective rise in 2018
Note
Explore our services
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Related publications
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.