Bitcoin: More Weakness Lies Ahead
Gregor Horvat | Mar 14, 2022 04:04AM ET
There are no significant changes in the Crypto market over the weekend. We have seen slow and primarily sideways price action, which we still think it's a consolidation within a downtrend. After another sharp decline, it seems like the Crypto market is making a new short-term corrective recovery, so still, be aware of a bearish continuation, but maybe after some Monday's rally.
BCH/USD is one of the weakest and looks like bears are still in control after the recent three-wave corrective recovery in the 4-hour chart. We still see it in wave 4 correction of a bigger ending diagonal pattern that can retest the lows for the final wave 5 of (C) before seeing a bullish reversal.
Final wave 5 should be completed by a three-wave a-b-c decline in ending diagonals, so watch out for more weakness within wave "c" of 5 after the recent wave "b" pullback.
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