🔥 Bitcoin Elliot Wave Pattern: Corrective Wave

٢٣ أبريل ٢٠٢١

After reaching 65K last week, it appears that BTC has topped, at least for the near term. See my previous analysis on that:

Looking back, we can now safely say that the bullish Elliot wave pattern has finished and that we're currently in the first corrective wave A of the Elliot wave theory. Be aware that point A on the chart might go lower from here, I put it there for illustration. It has to stay above point 4 for the theory to be valid.

Assuming that the Elliot wave theory holds, we might soon see a recovery of the price towards the 55k area. In the end, this correction could launch us back towards 40k, potentially even lower, before starting a new bullish push. I'm still bullish for the remainder of the year, but this might be the first strong correction of the current bull-run.

Happy trading!