Elliott Wave Analysis

Elliott Wave Update On BitcoinFeb 7, 2022

Bitcoin is not impulsive from the recent intraday low (yet!), but price action looks promising considering trendline, candlestick formation and volume. If stocks can stabilize this week, then BTC may do well. But to get more clear picture on stocks we may have to wait till Feb 10, on the US CPI release.

Also, the amount of liquidated long positions and net flows increased at recent “bitcoin” lows. If this occurs in a downtrend it usually signals the opposite.

Talk to you soon.

Grega

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