Bitcoin Slows Down For A Correction

Bitcoin is coming higher, now finally breaking to new highs of 2023, moving out of a consolidation that has been in play since March of this year.

We can see a nice and strong rise now, with some sharp extensions above the daily base channel resistance line and 40k area, so we assume that more upside can be seen as recovery is acting like an impulse.

Bitcoin Slows Down For A Correction - Image 1

As such, be aware of further gains within a five-wave cycle for wave (C)/(3) up to around 48k - 50k area. Looking at the 4-hour chart, we can see some slowdown, which we think is just a wave 4 correction, where first support can be already at the EW channel support line, and 40k area, but price action may stay slow within a potential sideways bullish triangle pattern.

However, ahead of the US CPI and interest rate decision this week, be also aware of a deeper one that can retest the 38k - 34k support zone if the price breaks the EW channel support line.

Trade well,


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