Elliott Wave Analysis For BTCUSD

17 Eyl 2020

BTCUSD is coming higher, now very close to former swing low at 11150 so bearish impulse can be invalidated soon. That is why we adjusted the wave count, and are now looking for wave X rally, but still same bias; recovery is in three waves so bears are possible but only confirmed when trendline support of current upward channel is broken. If on the other hand, coin will continue to rise and break the trendline resistance with an impulsive recovery away from the low, then we will turn bullish again and look back towards August high.

It this development the most important is close observation of current bounce that should be key to identify whats next for BTC.