Bitcoin tracing out another W pattern; will go over $40425 soon

7 de jan. de 2021

On the 1 hour, BTC fell from $40425 to $36200 in 32 minutes today or a 10.5% correction. Many analysts keep projecting large 30-40% corrections are coming for Bitcoin like the 2017 bull cycle. That simply hasn't happened yet since the March 2020 COVID dump to $3858. Corrections were 15% and 21% in the spring and summer. Since Bitcoin passed 20K, corrections have been 9%, 10%, and 20.5% in the recent dump from $34810 to $27678. I'm expecting a truncated C Elliot Wave later today that will be a higher low than the $36200 low earlier today. Bitcoin will most likely then continue its bull pattern well past $40425.