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  EW ANALYSIS: BTCUSD May See A Deeper Correction

Hello traders! Today we will talk about Bitcoin .

Bitcoin is trading bullish , but before a bullish continuation, we may see a deeper three-wave (a)-(b)-(c) correction back to 78,6% Fibo. retracement and 3500 level.

Due to slow price action in the last couple of weeks, Bitcoin looks more and more corrective in wave (b) that can send price back to 61.8% - 78,6% Fibonacci retracement and 3500 support area for wave (c). But, in case if we see an earlier continuation higher above 4200 region, then we may consider that correction in wave "ii" has already been completed and that a wave 3 should already be in play.

So, despite that intraday jump higher on BTCUSD , we should still be careful at this stage around 78,6% Fibo. retracement. As said above, the price action is slow and the wave structure looks still corrective within a double zig-zag pattern in wave (b), so don't be surprised if we see a sell-off. In case, if we see a decisive break above 4200 level, only then we may start considering wave »iii«!

Trade well!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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