ew-forecast

Bitcoin Ready To Break Higher On Thanksgiving Day

Long
ew-forecast Updated   
BITFINEX:BTCUSD   Bitcoin
Cryptocurrencies are in uptrend for the last few weeks, a move that even accelerated at the end of October and start of November when US yields turned down, which is supported for the cryptocurrencies as the dollar turned down. In fact, US yields are looking toppy after the latest US CPI data, meaning more weakness can be bearish for USD and supportive for the BTCUSD at the same time.

Looking at the Bitcoin, there is a nice ongoing triangle pattern here in wave four which is about to break, maybe a volatile session will still show up on thin liquidity due to the Thanksgiving holidays. But normally breaks during holidays may not hold for a long time, which also makes sense from Elliott wave terms as the next leg higher can be the fifth wave, out of a triangle. So a final leg within a bullish impulse that can face some resistance later on at 40k area. S if you are long, maybe you may consider to make tighter stops on the next push up.

On the other-hand, if I am wrong and if price will break 35600 swing support from this week, then pullback will be lower and more complex but still correction. In such case deeper supports to watch for a bounce can be at 34k followed by 32k.

Trade well, and if you are celebrating I wish you a happy Thanksgiving.

Grega

Comment:
Bitcoin Is Extending Higher
 

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