Bitcoin: Elliott Wave Cycle Signaling A Bounce
Gregor Horvat | Oct 04, 2021 07:49AM ET
Bitcoin has shown impulsive characteristics on an intraday chart, currently seen in a pullback approaching the support at $47,000. Near that area, wave four is looking to complete a flat correction. The trend is currently up as long as $42,595 holds strong.h2 Bitcoin 1h Elliott Wave Analysis /h2
Bitcoin is trying to recover after a recent drop and deep pullback from $53,000, as shown on the 4h time frame. Notice that the price is coming out of a corrective channel and now trading above the base channel.
It could indicate that the bulls can be back in action. The structure of a pullback from September high was in three waves, and that's a corrective pattern, a zigzag pointing higher. If the price comes back below $43,833 then bitcoin can be trapped in a complex and sideways pattern.
Bitcoin 4h Elliott Wave Analysis
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