Bitcoin still is in a Bear cycle and we will continue to be during 2023.
Yes, there's going to be rallies but they won't last much.
As you can see in the graph, the current situation for Bitcoin in an Elliott Wave count is on a corrective pattern consisting of a A,B,C,D,E (5 wave) bearish diagonal.
We'll see how it creates that pattern during this year, in correlation with SPY and the markets, expecting a grave bear run at some point and a quick recovery later on.
Yes, there's going to be rallies but they won't last much.
As you can see in the graph, the current situation for Bitcoin in an Elliott Wave count is on a corrective pattern consisting of a A,B,C,D,E (5 wave) bearish diagonal.
We'll see how it creates that pattern during this year, in correlation with SPY and the markets, expecting a grave bear run at some point and a quick recovery later on.
Trade active
Here we go. C target achieved ✅Now continuing with the idea, we should see a deep pullback and break of the previous low in the following days/weeks, probably driven by the news (inflation, FOMC, etc.)
Let's go!
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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.