BTC update
Elliot WAVES analysis.
A sudden rise of BTC
Bitcoin has had a strong bounce off support this morning, putting in a rapid $4k gain.
This move was done during the dead zone (between US close and Asia open). This is typical timing of a big liquidity grab, as it is the period of the day with the lowest trading volume, so a big move off little effort is a great way for Market Makers to flush out some leverage.
There were a lot of shorts building up, so this swift move up has resulted in $147m worth of shorts being liquidated this morning.
Now we need to see what price does from here. Wave 2 cannot move higher than the origin of Wave 1.
So if price exceeds $97,895 then the current wave count becomes invalidated and we will need to review what that means from a structure perspective.
