Elliott Wave Analysis: BTCUSD Can Recover For A Fifth Wave

Good morning traders!

Bitcoin turned slightly lower and it appears that three waves down may complete now a set-back in fourth wave near 38.2% Fib. level. Price may get back to the highs very soon, up to 4400/4600. At the same time keep an eye on that 3800 swing high of wave one; if overlapped then count will have to be adjusted!

BTCUSD, 1H

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com