Technical Analysis

Bitcoin Is Trading At Support AreaSep 28, 2023

Bitcoin is trading at support area, as we see it finishing an A-B-C flat correction by Elliott wave theory.

Bitcoin with ticker BTCUSD dropped sharply recently, but the current leg down from 31k can still be part of a complex correction that has been underway since May of this year. It’s ideally an A-B-C flat pattern, where wave C can be now in progress, so we think that Bitcoin will stabilize, but probably once that C fully unfolds, which can be completed or it’s still missing with the support around 24k-23k area. First bullish evidence is only above 28200 level. Lower, deeper strong support is at 20k.

Bitcoin Is Trading At Support Area BTCUSD Daily Chart
BTCUSD Daily Chart
Bitcoin Is Trading At Support Area Basic Elliott Wave Irregular Flat Pattern
Basic Elliott Wave Irregular Flat Pattern

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