Bitcoin and Ethereum Elliott Wave Analysis: Room For More Upside

We are still tracking a five-wave cycle within this rise, where current slow down could be just a pullback before we will see more gains.

Bitcoin Elliott Wave Analysis

BTCUSD is making bigger recovery in the 4-hour chart, but notice that a rise is coming out of a triangle pattern, which suggests a corrective movement. So, according to two different daily interpretations, we are tracking an (A)-(B)-(C) corrective rally, where wave (C) can be now in progress and there can be room even up to 50k-54k resistance area before we will see another slow down.

Graphical user interface, chart, line chart

Description automatically generated

Ethereum Elliott Wave Analysis

ETHUSD is in bigger recovery mode in the 4-hour chart, but the wave structure still looks corrective for now. We are tracking (A)-(B)-(C) correction and the main reason is a break out of wave (B) triangle, which indicates for wave (C). However, there can be still room up to 3600-3900 area within that (C) before we will see another drop based on two different daily counts.

Graphical user interface, chart, line chart

Description automatically generated