HS And Elliott Wave Pattern Suggests Higher Bitcoin
Updated
It looks like corrective set-back on bitcoin from Feb highs can be finished and that there is room even for 62k, while price is above 49500 if we consider the rules of an EW impulse where wave four shoudl not move into a territory of a wave one. What I also like about the current situation is a bullish H&S pattern where bulls successfully survived the retest of the neckline at 53k. I really love the combination of old-school basic technical analysis and the Elliott wave theory.
If from any reason price goes below 49500k then while price action from February can be a triangle or even flat. But let's talk more about this situation when needed.
If from any reason price goes below 49500k then while price action from February can be a triangle or even flat. But let's talk more about this situation when needed.
Note
Rise on bitcoin from 46300 is in 5 waves now, so be aware of a new intraday retracement as it trades here near Feb high. Note
Another, this time closer look at the #Elliottwave pattern for bitocinupdate. Price went out of a triangle 60 now 1st resistance, second zone to watch is 61500-63k-also H&S target
Note
#Elliottwave #Btc update: Price stopped at projected levels. Now it's key to observe the current sell-off; 5 wave drop back to 50k=bearish, rise from here back to 60k=more upside.
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