BTCUSD undergoing A-B-C correction
BTCUSDT undergoing a typical A-B-C Elliott Wave correction after breaking out of a 3-year range. Expecting the C-wave of the correction phase to end around either 22150 (equal measure of A wave down) or 22036 (38.2% retracement of last impulsive move). If those don't hold, expect the C wave to extend to 21,464 (50% retrace) or 20,082.
Given the massive amount of institutional money looking to gain exposure, I would expect retracements to be shallow. Suggest laddering limit orders at above support levels. For the time being, 20k breakout level is STRONG support.
Given the massive amount of institutional money looking to gain exposure, I would expect retracements to be shallow. Suggest laddering limit orders at above support levels. For the time being, 20k breakout level is STRONG support.
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