Forex

Bitcoin remains bullish despite bearish ABC pullback in wave 4. Bitcoin made a first bearish break below the 21 ema zone since September 2020. But signs of the overall uptrend remain strong with all the moving averages aligned. The strong push above the 21 ema is typical for a wave 3 (purple). This means that the bearish breakout below the 21 ema zone is probably a wave 4 (purple) A continuation pattern like a bull flag (grey arrows) could indicate an immediate uptrend (blue arrow). The next targets could aim at the $75-80k levels. This article reviews the key Elliott Wave patterns and chart patterns. We also analyse what to expect next in the path of least resistance.