Bitcoin Could Correct

Published 02/10/2022, 06:59 AM
Updated 07/09/2023, 06:31 AM

Bitcoin hasn't signaled a bullish confirmation yet, and we won't get one until we get five waves up. The BTC/OIL ratio chart shows that one more leg down is still missing before the market finds the bottom, so we are still careful. Meanwhile, all eyes are on US CPI data today.

Bitcoin OIL Elliott wave.

BTC/USD can be slowing down within correction for wave four, and we see 41k-40k as crucial support. If we get a rebound from that support, we can expect a bigger recovery for wave five and easily confirm the bottom and bullish reversal. However, bulls might not be ready yet if it breaks back below the 39k invalidation level.

Bitcoin 4-hour chart technical analysis.

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