Elliott waves crypto analysis – Buyers waiting


Buyers waiting

Wave Analysis

Since the previous day’s forecast, bitcoin continues to correct itself to the lowerside but is still above the weekly support zone 5911.46. This level is both a short term and higher time frame supportive level, thus, as long as it contains the price above it, we expect a possible momentum to the upperside. The anticipated bullish price rally should be the unfolding of an impulsive five wave cycle and should break above the upper trendline but should not go beyond 12k. If this target is broken, then the price will continue upwards towards last years highest high.

Trade Recommendations:

Wait for a buy opportunity towards 12k

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