Bitcoin Elliott Wave analysis: Be aware of short-term recovery – FXStreet


Gregor Horvat Gregor Horvat

Good morning Crypto traders! No big changes from yesterday, Crypto market remains under bearish pressure and there can be room for more weakness, especially now when we see strong daily reversal on stocks, just watch out for intraday pullbacks. Two days ago Microstrategy CEO Michael Saylor Discussed that Bitcoin Can Become $100 Trillion Asset Class, but looking at the Microstrategy chart compared to Bitcoin, we can see a corrective movement within downtrend, so »buy the rumor, sell the news« ?
Micro Strategy Vs Bitcoin Elliott Wave
BTCUSD is sharply and impulsively down in the 4-hour chart after we noticed 5th wave, so seems like temporary top is in place and we can expect much bigger decline at least in three waves A/1-B/2-C/3. Currently, we are tracking a pullback in wave B/2 or alternatively still wave A/1, however, in both cases be aware of short-term corrective recovery only before the downtrend within wave C or 3 resumes.
Bitcoin Elliott Wave
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Decentraland price is forming a cup-and-handle pattern, suggesting a 50% upswing to $5.5. Due to the inherent nature of MANA, its share of the Metaverse is likely to increase. A breakdown of the $3.6 support level will invalidate the bullish thesis.
90.7 million DOT have been staked or locked in crowdloans, ahead of the end of the second parachain auction. Moonbeam, a scalable smart contract platform is leading the second parachain slot auction that ends soon. Analysts are bullish on Polkadot price, predicting a trend reversal.
Ethereum price fell in tandem with other major cryptocurrencies including Bitcoin, dropping to $3,962 on November 18. The second-largest digital asset by market capitalization appears to be recovering slowly from the recent correction.
Litecoin price is hovering just above Monday’s high at $205, suggesting the start of a new uptrend. LHV Pank will allow its customers to trade LTC and other cryptocurrencies. A breakdown of the $172 support level will invalidate the bullish thesis for the altcoin.
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.
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