EW Analysis: BTCUSD Remains Bullish - Intraday Update

已更新

Hello traders! Let's talk about Bitcoin.

Everyone is already turning bearish, but no one noticed a potential running triangle pattern.

Well, Bitcoin is trading sideways for the last couple of days, which more and more looks like a correction in wave (iv) that can be either a running triangle pattern or maybe even a deeper three-wave setback down to 4650 support area in case if we see another decline.
Currently, we can see a nice recovery away from that lower red line, so there's a good chance for a bullish continuation back to highs for wave (v) towards 5500 - 5700 or maybe even higher into 6000 area, especially if we consider strong supports across the Crypto market.

Technically speaking, if BTC breaks back above 5200 region, then it may start accelerating even higher towards projected targets, but if we see another drop, then keep an eye on next 4650 support area. Invalidation level is still far away at 4000 level!
However, both counts are bullish, so sooner or later we should see higher prices.

Trade well!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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As expected, on the way up! 6000 next?!

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UPDATE: After that spike down, it's time to take a look on BTC Futures chart. Well, Bitcoin made a perfect three-wave corrective drop back to a previous wave (iv) support and if we consider an opened GAP above, then we would not be surprised if we see a bullish continuation towards 6000 area for wave »v«!

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Are you watching Crypto market?! Nice bounce here, so Cryptos remain bullish as expected! Even Crypto Market suggests more upside. Can we see 200B$?! #Cryptos #cryptocurrencies #bullish #elliottwave