Hello traders and investors!
Today we will talk about Bitcoin , its price action from technical point of view and wave structure from Elliott Wave perspective.
With US stocks in risk-off mode it’s hard to be bullish on BTC , especially when we see a sideways consolidation, which is usually a corrective movement within downtrend. In fact, price action since end of January looks slow and corrective, possibly even a triangle pattern for wave 4 that can send the price back below June 2021 lows and 30k level for the 5th wave. So, as long as 46k holds, we think there is a chance for another drop in Crypto market.
Be humble and trade well!
EW Analysis: Bitcoin Is Consolidating Within Impulsive Downtrend by ew-forecast on TradingView.com