Bitcoin Elliott Wave analysis: Eyes higher – FXStreet

Gregor Horvat Gregor Horvat

Crypto market has slowed down and we can see a potential intraday support now, but keep in mind that we are still in the neutral stage, so we will need to see strong bounce and recovery back to 2T to confirm bulls back in play, otherwise bears could be still in control.
Bitcoin, BTCUSD is showing first evidence for a potential bottom formation in the 4-hour chart, but because of three-wave rise from the lows only, we are observing a complex (W)-(X)-(Y) corrective rally that can send the price higher within wave (Y), especially if current decline is a corrective within wave (X).
Bitcoin Elliott Wave
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Bitcoin (BTC) price was on the back foot over the weekend as, together with other cryptocurrencies, it was the only asset tradable on headlines and news coming out of Ukraine and Russia. 
Litecoin price set a higher low as it dipped inside a demand zone, indicating that the bullish outlook is intact. Going forward, investors can expect LTC to climb higher as the crypto markets flip bullish. recently rebranded its utility token CRO to Cronos as part of the chain's move to decentralize further. Despite the recent rebrand and the $2 million reward allocation for staking token, Cronos continued its downtrend. 
Cardano continues to be one of the leading actively developed networks across blockchains. The network remains in third place in terms of the number of contributions. The Cardano ecosystem witnessed massive growth in its total value locked in decentralized finance.
Bitcoin price slips below the 50-day SMA as it eyes a retest of the $36,398 to $38,895 demand zone. Despite the crash, long-term investors are bullish as the supply of BTC on exchanges hits a three-year low. A breakdown of the $34,752 support level will invalidate the bullish thesis.
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