Bitcoin Recovers, But Bears Still Lurk
Gregor Horvat | Mar 01, 2022 07:19AM ET
Bitcoin is recovering in the 4-hour chart, but the wave structure is mostly sideways, which still looks like a correction. BTC bears could still be in play, primarily because of sharp and impulsive decline recently.
We still believe it's headed back below July 2021 lows and $30k level for wave (5), where we will be looking for a strong $30k-$20k support zone. Still, it might take some time as we see more possible counts at this stage, for example, flat or corrective triangle pattern within higher degree wave (4).
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