Elliott wave analysis of Bitcoin for Maj 31, 2021

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Bitcoin peaked in wave 3 with the test of 64,895 and the ongoing correction is wave 4, which ideally will complete near the 61.8% corrective target seen at 27,169 just to be followed by a new strong impulsive rally in wave 3 towards 91,780 as the ideal target for wave 5 of III. It's possible that wave 5 of III becomes an extension and in this case we will be looking for a rally towards 129,919.

However for now we should stay focused on wave 4 of III that still has a bit more downside to cover before it's complete and wave 5 is ready to take over.

Trading recommendation:

Buy Bitcoin close to 27,169 for the next strong rally towards 91,780 and maybe even higher.

The material has been provided by InstaForex Company - www.instaforex.com

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