In this episode of NewsBTC’s daily technical analysis videos, we examine two bear market corrective patterns in Bitcoin price according to Elliott Wave Theory.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 14, 2022
After yesterday’s CPI report, Bitcoin is once again on the ropes. At this point, we need to consider the potential of another downside move if support fails. In yesterday’s video, it was mentioned we would be reviewing two potential corrective patterns according to Elliott Wave Theory to provide a bullish and bearish scenario.
The Bullish Scenario For BTCUSD
The bullish scenario has the current support level holding. In this case, the pattern would more than likely be a double-three correction, with a zig-zag correction during wave Y.
During a complex correction in Elliott Wave, other patterns like flats, triangles, and zig-zags can connect. When drawing such corrections, the larger correction is drawn using WXY, while each sub-correction is labeled with a more familiar ABC.
Adding potential credence to this type of correction, price will have found support at precisely the 0.764 Fibonacci level which is a common termination point for certain types of Elliott Wave corrections.
Quite the dump the second CPI numbers were released Source: BTCUSD on TradingView.com
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Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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