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Sunday, May 7, 2023

BTCUSD - Analysis by Elliot Waves Theory

BTCUSD - Analysis by Elliot Waves Theory

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

BTCUSD is about to start a correction on downward direction after finished ABC as X, reason for this idea is a triangle correction is occurred on wave 4 and as per Elliot waves principle which stated that a triangle correction is the last correction wave before last impulsive wave (5)
another reason also that prices broke the bottom of the last impulsive wave 5

So now since there is no break of top of wave 5 a correction downward is a good idea

Good luck ,

Via TradingView Ideas

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