Bitcoin and Bitcoin Cash Elliott Wave Cycles Point Higher

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Published: Oct 4, 2021, 10:38 GMT+00:00

Bitcoin has nice impulsive characteristic on an intraday chart, currently seen in a pullback approaching the support at 4700 area, where wave four can be looking to complete a flat correction. The trend is currently up on as long as 42595 is not breached.

Bitcoin 1h Elliott Wave Analysis

Bitcoin is trying to recover after recent drop and deep pullback from 53k as shown on the 4h time frame. Notice that price is coming out of a corrective channel and now also trading above base channel so it appears that bulls can be back in progress. In fact, the structure of a pullback from September high was in three waves, and that’s a corrective pattern, a zigzag that is pointing higher. If the price comes back below 43833 then bitcoin can be trapped in a complex and sideways pattern.

Bitcoin 4h Elliott Wave Analysis

On 4h chart BCHUSD is also recovering above the trendline support, which can be bullish for the market in the short term. Technically pullback is normal as drop from 804 has unfolded in five waves, so three-wave rally is normal. Ideally, this recovery is now still in the middle of development so be aware of more upside to complete the structure, possibly at 600-700 area.

Bitcoin Cash 4h Elliott wave Analysis

About the Author

Gregor Horvatcontributor

Gregor is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that, he was working for Capital Forex Group and TheLFB.com.