Elliott waves crypto analysis – Only sell Bitcoin below 5800.

BTC –

Only sell Bitcoin below 5800.

Wave Analysis

Despite the previous week’s drop in the price of bitcoin, Bitcoin failed to penetrate below 5800. We expect the rebound from this level to have marked an end to the previous impulsive wave cycle that the current upward rally is the unfolding of a corrective three wave cycle but should not go beyond 6616. Instead of buying this correction, we choose to remain on the sidelines and only sell a break below 5800.

Trade Recommendations:

Only sell Bitcoin below 5800.

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