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Elliott Wave Analysis for Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Good day, traders!

Welcome to another round of our Elliott Wave Analysis for Bitcoin .

The hourly chart shows that Bitcoin is undergoing a complex correction on a macro level. This is the reason why we have not seen any decisive move from the market over the last few day. While it is possible that Bitcoin may have already topped out at $9389.60 yesterday, the wave counts suggest that FOMO entries from emotional traders might trigger a short rally to push the price slightly higher, before the market moves into its next corrective phase that could potentially erase all the gains.

We should monitor the price as it gets closer to the lower and upper resistances because those are price levels for a potential trend reversal from Bitcoin . This analysis is based on the hourly chart so the price movements we predict here would only cover up to 2-3 days at most. Our members' channel contain more in-depth analysis for Bitcoin so send us a message for details. Good luck.

Signing off,
Cryptoez
Comment: Good day, traders!

Remember we mentioned about the FOMO buys from emotional traders in yesterday's analysis? That was the long green candle, formed later when the price surged from $9227 to $9490 yesterday. We also cautioned about the reversal from the "Upper Resistance" range that would erase all of yesterday's gains. This has also happened as well.

The psychology of the market never changes and the reason why we can't solely rely on classical technical indicators if we want to increase the chances of our winning trades. We leave you with an updated chart for comparison purpose.

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