Hi Traders this is my view for bitcoin from Elliott Wave Analysis perspective, hope it could give you another perspective of analysis.
It is always better to wait for PA confirmation on lower timeframe every before entering the market. Especially in the current risky market condition, where the liquidity is thin, smaller range, major news and full of manipulation.
Cheers!
- Bitcoin is still bearish with double three (wxy) corrective wave within the blue channel.
- I expect btc would go down to around 25k demand area for entry long position (with PA confirmation).
- Then bounce-back to 26.8k supply zone for entry short position (with PA confirmation)
- The invalidation for short scenario is at high (c) 27400
- Next major support is at 24.1k
It is always better to wait for PA confirmation on lower timeframe every before entering the market. Especially in the current risky market condition, where the liquidity is thin, smaller range, major news and full of manipulation.
Cheers!