Bitcoin: Elliott Wave Cycle Signaling A Bounce

Published 10/04/2021, 07:49 AM
Updated 07/09/2023, 06:31 AM

Bitcoin has shown impulsive characteristics on an intraday chart, currently seen in a pullback approaching the support at $47,000. Near that area, wave four is looking to complete a flat correction. The trend is currently up as long as $42,595 holds strong.

Bitcoin 1h Elliott Wave Analysis 

Bitcoin 4h Elliott Wave price chart.
Bitcoin is trying to recover after a recent drop and deep pullback from $53,000, as shown on the 4h time frame. Notice that the price is coming out of a corrective channel and now trading above the base channel.

 

It could indicate that the bulls can be back in action. The structure of a pullback from September high was in three waves, and that's a corrective pattern, a zigzag pointing higher. If the price comes back below $43,833 then bitcoin can be trapped in a complex and sideways pattern.

 

Bitcoin 4h Elliott Wave Analysis 
Bitcoin Elliott Wave 1h price chart.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.