Bitcoin Is Still In A Corrective Phase

Barchart · 07/01 10:15

Bitcoin with ticker BTCUSD remains in higher degree uptrend as prices broke to new ATH back in March before making some new pullback that is now still in progress. It appears that this can be wave four, possibly deeper a-b-c or even a triangle if 66237 is overlapped.
For now, we are still tracking a motive wave (C) meaning it can drop even down to 55k, because a decline from 72000 is very strong and can certainly be even a five-wave impulse, so after current wave 4 pullback, there's a chance for another decline for wave 5 of (C).

BTCUSD 4H Chart Count #1

However, this whole price action since March can be also a bullish triangle pattern according to secondary count, so we might see an early recovery within wave (D), but later we should be aware of another slow down for wave (E) before we may see a new continuation higher into wave 5th wave.

BTCUSD 4H Chart Count #2

The reason why Bitcoin may see an early recovery and sideways triangle consolidation is USDollar Index - DXY chart, which is right now trying to turn down from resistance that can be supportive for Bitcoin.

DXY 4H Chart

 For a detailed view and more analysis like this you may want to watch below our recording streamed today on July 01 2024.

On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.