Be aware of short-term recovery

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Hello Crypto Traders! No big changes from yesterday, the crypto market remains under downward pressure and there may be room for more weakness, especially now that we are seeing a strong daily reversal in stocks, just watch out for intraday withdrawals . Two days ago Microstrategy CEO Michael Saylor discussed that Bitcoin can become a $ 100,000 billion asset class, but looking at Microstrategy’s chart against Bitcoin we can see a corrective movement in the downtrend, so “buy the rumor, sell the news”?

Microstrategy vs Bitcoin Elliott Wave Analysis

BTCUSD is sharply and impulsively lower in the chart 4 hours after noticing the 5th wave, so it looks like the temporary top is in place and we can expect a much larger drop in at least three A / 1 waves. -B / 2-C / 3. Currently we are tracking a pullback of wave B / 2 or even wave A / 1, however, in either case, be aware of a short-term corrective recovery only before the downtrend of wave C or 3 do not resume.

Bitcoin Analysis 4h Elliott Wave

Check out more of our analysis for currencies and cryptos in the members-only area. Visit EW-Forecast for more details!

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