BitcoinLong
BTCUSD
BIAS - Short term Bullish / Long term Bearish
Bitcoin had completed a 3 wave pattern since May 19th and began to trade in a sideways channel on the daily. According to Elliott Wave Rules, a steep wave 2 will lead to a sideways wave 4. It is reasonable to expect that wave 4 would have a completion to the upside as it is also a corrective wave or pullback into the previous trend. In this case, a pullback into the bearish trend. I have charted some Fibonacci Projections based on the principles of Elliot Wave Theory for your consideration, along with some Time Projections for the completion of Wave 4.
Bitcoin had completed a 3 wave pattern since May 19th and began to trade in a sideways channel on the daily. According to Elliott Wave Rules, a steep wave 2 will lead to a sideways wave 4. It is reasonable to expect that wave 4 would have a completion to the upside as it is also a corrective wave or pullback into the previous trend. In this case, a pullback into the bearish trend. I have charted some Fibonacci Projections based on the principles of Elliot Wave Theory for your consideration, along with some Time Projections for the completion of Wave 4.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.