Bitcoin Elliott Wave Analysis: Leg down has started today – FXStreet

Peter Mathers Peter Mathers
TradingLounge

Bitcoin Elliott Wave Technical Analysis and TradingLevels. Market Summary: Bitcoin is retesting supply at (30,000 Major TradingLevel TL3) as Wave (iv) of iii) of C of (2).
Crypto Market Summary: Crypto markets are still in sync with the Nasdaq stocks and today I compare Apple stock to Bitcoin. The first Elliott Wave Impulse structure is in place confirming the downwards direction.
Bitcoin Trading Strategy: Wave (iv) is completed and the first Impulse wave lower is underway. We are currently short and will look to add short positions on rallies and new lows.
 

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The collapse of Terra's LUNA price and algorithmic stablecoin TerraUSD (UST) has sparked outrage in the crypto community. Institutions and retail investors suffered significant losses when $40 billion in LUNA and UST’s market value was destroyed within a week.
XRP price is in a rut as it followed Bitcoin and other altcoins into a crash after the LUNA-UST debacle. Ripple, on the other hand, is relentlessly fighting against the US Securities and Exchange Commission’s (SEC) allegations and to prove that XRP token is not a security.
ApeCoin price is preparing for an upswing but the recent breakdown has caused many buyers to go to the sidelines. The breakdown from a bullish pattern, however, could be a tactic used by smart money to collect liquidity before an explosive ascent.
Crypto.com price faces a decisive moment as it trades under a significant barrier for roughly a week. The bullish outlook and a recovery rally is dependent on the fact that CRO manages to overcome this hurdle.
Bitcoin price shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC. 
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