Bitcoin once again left the $50,000 resistance, which it lost on the daily chart and failed to stay above, after about 8 hours on December 12. Bitcoin, which is currently trading in the $47,345 region, threatens to rebound to June levels after its November 10 ATH ($68,789.63), according to analyst Gregor Horvat. In the remainder of the article, we examine Bitcoin’s “bottom” scenarios, which the analyst bases on Elliott Wave analysis in the 4-hour timeframe.
According to Elliott Wave analysis, Bitcoin could test the $29,000 and $20,000 region
Analyst Gregor Horvat says that Bitcoin is accelerating lower on the 4-hour chart, there is no room for further weakness in the five wave cycles for wave C below, and in a possible drop, Bitcoin could pull back towards the June levels of $29,000-20,000. Investors should also be prepared for a short-term pullback in wave 4. This also means that BTC could be consolidating sideways inside a descending triangle formation.
However, relative to the sizable December 12 recovery, in the following scenario where Bitcoin could have a completed five wave cycle against the dollar (BTC/USD) followed by a higher degree ABC pullback to the $57,000 resistance area before the bears in wave 2 again. may occur.
cryptocoin.com You can find the current Bitcoin analysis we have prepared here. At the time of writing, Bitcoin was trading at $47,345 and Ethereum at $3,819.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.