2021-10-15 11:55:29

Bitcoin and Ethereum Elliott Wave Cycles Point Correction Before Another High

Bitcoin went straight towards 60k level in the 4-hour chart and it’s now approaching important Fibonacci zone. However, due to very impulsive rally, we still think BTC can be trading now in 5th wave of (3), so after a pullback there’s chance for another push to the upside. Potential support is 54k-53k. Any earlier sharp decline back below 50k would be signal for the top, at least temporary one.

Bitcoin 4h Elliott Wave Analysis

ETHUSD is coming higher in the 4-hour chart as expected, but out of wave 4 triangle pattern for wave 5 of (3), so another slow down within wave (4) correction can be around the corner, ideally here in the 3800-4000 zone. Support is in the 3400-3300 area, however, any deeper decline below 3000 would invalidate bullish impulse.

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