Bitcoin Retraces, Still Bullish!!

8 Şub 2021

Bitcoin retraced significantly from relative highs at 40.8K or so. This appears to be the corrective phase of a smaller 5-3 Elliott Wave pattern, nested within a larger construct. We still view this as an overall sideways corrective phase as BTC gears up for another breakout. Meme stocks seem to be out of favor these days, so the addiction to volatility will likely push traders back to crypto. Expect more bull momentum, but beware of the inevitable pull back as traders take profits or Bitcoin does Bitcoin things. We will have support at 37.7K and 36.7K. There are several levels between current prices and 30K that will provide support if BTC breaks further. We are still in long term bull mode as long as we can maintain 30K+