Bitcoin Is Forming The Wedge Pattern
Jan 3, 2023


Bitcoin is forming the wedge pattern, as we see it slowing down within final 5th wave by Elliott wave theory.

Bitcoin with ticker BTCUSD is in a downtrend which may not be over yet as we see another push out of a minor bullish channel which signals for a continuation down. Ideally market is breaking down into the fifth wave of an ending diagonal which can look for a completion of a bearish cycle at 12k-14k. Normally this wedge formation causes a sharp turn in price, but we will still need an impulsive bounce on a smaller time frame before any change in trend can be confirmed.

Any earlier rebound and rally back above 21500 level might be signal for a completed 5th wave. It appears that bitcoin can see some nice turn up in 2023.

Bitcoin Is Forming The Wedge Pattern BTCUSD Daily Chart
BTCUSD Daily Chart

If you want to know what is our higher time frame view on BTCUSD and other markets, please check our Exclusive Video below; the 2023 Elliott Wave Forecast

Cannabis stocks are becoming attractive. Check our Cronos chart HERE


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.