ZuluTrade Blog

Is it time for Bitcoin's short-term correction?

Market View | Monday, September 4, 2017 10:25 AM GMT

Bitcoin is performing the second day of its correction. Yesterday, BTCUSD created a bearish candlestick as it closed below Friday’s low. This was a negative indication. Reviewing the H4 timeframe, we have noted a potential completed five Elliot waves structure. If this valid, BTCUSD will perform an ABC short-term correction before new highs. It may retrace back to 38.2% or even 50% of Fibonacci retracement levels.  However, heading to the hourly timeframe, we have noted a decent demand zone in which price may find buyers’ attention. The latest Swing Low (SL1) was violated, therefore the trend is bearish. If price violates the demand zone too, the bears will push BTCUSD near to 3800$ zone.




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