Technical Analysis

Bitcoin Rebounds To 65K As Correction May Be OverMay 6, 2024

Bitcoin rebounds strongly to 65k area, which can be signal that correction may be over from technical perspective and by Elliott wave theory.

We have been talking a lot about a corrective decline in the Crypto market in the past weeks. We also talked about Bitcoin ahead of the halving and we also shared a free chart back on April 15th, where we mentioned and highlighted a higher degree wave 4 correction within ongoing bullish cycle. CLICK HERE

Bitcoin Rebounds To 65K As Correction May Be Over BTCUSD Daily Chart
BTCUSD Daily Chart

As you can see today, after a slightly deeper corrective decline, Bitcoin is bouncing strongly which indicates that wave 4 correction may be over at the ideal 38,2% Fibo. retracement near 56k support. So, be aware of a bullish continuation within wave 5 of III that can send the price back to all-time highs towards 75k-80k area, just watch out on short-term pullbacks.

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USDJPY Might Have Found The Top. Check our free chart HERE.


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