Elliott Wave Analysis: BTC Futures Approaching GAP Resistance

Hello Crypto traders!

Today we decided to take a look on BTC Futures chart, mainly because of its open GAP in MAY, which can now act as a strong resistance area.

Well, as you can see, BTC made five waves down from the highs, which in Elliott Wave theory indicates a change in the trend. After every five waves, a three-wave pullback follows and as you can see, BTC can be now unfolding and finishing a three-wave A-B-C correction. Wave C is a motive wave and it should be completed by a five-wave cycle that can ideally stop in the golden 50%-61,8% Fibonacci retracement, from where we should be aware of a reversal down, probably once May's GAP is filled.

What we want to say is that Crypto market is generally in the strong resistance zone, testing June highs, so be very careful in upcoming days, because a reversal down may occur anytime soon, maybe already during the weekend.

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Commento:

Traders, we just want to remind you about the bigger picture in the Crypto market. Don't forget, corrections are in three waves and BTC can be still looking for that third wave down to the 200-week MA, where ideal support would be at the previous all-time highs around 20k. Based on time projection, support will be ideally reached at the end of 2021 or beginning of 2022.

Commento:

BTC Futures chart has already filled the GAP on Friday last week and it's right now approaching golden 61,8% Fibo. retracement, so watch out for a reversal down that can occur anytime soon.

Commento:

BTC is trying to turn down from projected 61,8% Fibonacci resistance, just after the GAP is filled. So, watch out for more weakness in upcoming days.