Elliott Wave Count on Bitcoin

Jun 22, 2020

BTCUSD

As you can see on the chart, Bitcoin seems to have found bottom at the lows of March of this year, with huge volume seen on the 12 and 13 of March.

From there we had a 5 Wave Impulse Higher, which I will call, Minor Wave 1, to about $10,085 USD. After that we had been seen a complex correction, which could be a Double Three, if it is already over, or a Triple Three, if it has more to go. Which I will call, Minor Wave 2.

elliottwave-forecast.com/elliott-wave-theory/

So far, in Minor Wave 2, we have seen Waves W, X, Y. It might be over already, or maybe we need another Wave X and Z to complete. Which could consume a lot of time, several weeks maybe.

After that, Minor Wave 3 should follow, which should go above last year highs, and maybe all the way to 20K. Will see.

Mayor resistance lies at the $10,550 USD level, if we break above it, it will mean that Minor Wave 3 has started, and we are going a lot higher.

Mayor support lies at the $8,070 USD level, if we break below it, it will mean that we are still in Minor Wave 2, which could morph into something more complex, and give us a big retracement to the downside.

Nothing more to do in the short term, except maybe for scalpers or very short-term traders.

I hope you find this interesting and good luck to you