Bitcoin Elliott Wave Analysis
We can see some bigger recovery in the Crypto market, but looking at the Crypto total market cap chart, we can see it rising out of wave B triangle pattern which indicates for wave C of a three-wave A-B-C corrective rally. However, there can be still room towards 2.2T level to complete a five-wave cycle within wave C, but only while the price is above 1.87T invalidation/bearish level.
BTCUSD is making bigger recovery in the 4-hour chart, but notice that a rise is coming out of a triangle pattern, which suggests a corrective movement. So, according to two different daily interpretations, we are tracking an (A)-(B)-(C) corrective rally, where wave (C) can be now in progress and there can be room even up to 50k-54k resistance area before we will see another slow down.
Bitcoin 4h Elliott Wave Analysis
