Bitcoin. More correction?

#Bitcoin #XBTUSD #Daily #Tommy
- Here is XBT daily chart. After a massive bullrun up until 42k, Bitcoin has broken the blue upward trendline below and has been on its correction phase.
- Making lower highs and lows, it is currently forming a falling wedge. Moreover, it’s testing the support of the inner upward trendline which I have marked it with yellow dotted line.
- At the same time, it is testing the short-term bottom around 30400. It has been a great support for last few days but doesn’t seem that it will last long.
- So for those traders waiting for more correction, make sure the daily candle closes under both the yellow inner trendline and the 30400.
- In Elliott Wave theory perspective, I have interpreted the correction structure as WXY where another 5-3-5 zigzag ABC correction waves are to be expected.
- Here are some of the supports that I am considering.
26500~27500 (valid until 2/4)
23500~24500 (valid until 2/6)
19300~20300 (valid until 2/11)
- Traders wishing to enter long on these supports, make sure to consider the validation date.