Home BTCUSD Bears Can be Coming To an End; Possible Support At 3000 – Elliott wave Analysis
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BTCUSD Bears Can be Coming To an End; Possible Support At 3000 – Elliott wave Analysis

As expected, Bitcoin hit new lows and seems like that this break was out of a triangle correction within a possibly extended wave 5. So be aware of a continuation lower, towards projected 3000 area, which can be the final destination of a five-wave cycle, where spikes and sharp reversals may occur. However, Bitcoin remains bearish as long as it’s trading below 6200 regions.

Only an impulsive five-wave rally would be an indication of a bullish reversal.


On the 2h chart, we have a closer and better look at current fall from 4200 level. We can see a nice bearish decline in play, which looks impulsive and is now unfolding final stages of a wave iii. Wave three is usually the strongest and firmest waves, and once its fully develops, a new temporary pullback as wave iv may follow. Resistance for the final wave iv can later be seen near the 3500 regions.

All in all, BTCUSD can be ending and we may see some bullish reaction in the future. Also, strong support may be seen on the weekly chart of BTCUSD, where the 200 moving average indicates a reversal at 3000.

Let’s see, what happens.

Take care.

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!