Bitcoin Is Trading In A Higher Degree Correction
Apr 21, 2023

BTC

Bitcoin is trading in a higher degree correction, as we see it turning down after a completed five-wave cycle by Elliott wave theory.

Bitcoin is slowing down after a completed five-wave cycle, so seems like it’s trading now in a higher degree correction. Looking at the BTC CME Futures chart, first support can be already around 28k level, where we have an open GAP from April 09 that can act as a first support. However, now that USD is in recovery mode, we should be aware of deeper corrective decline, so if USD stays up, then BTC may face larger correction that can retest lower support levels. Next deeper supports are at 26k, followed by important 24k around golden 61,8% Fibonacci retracement.

Bitcoin Is Trading In A Higher Degree Correction BTC CME Daily Chart
BTC CME Futures Daily Chart

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