Bitcoin (BTC) Approaches Its Final Few Weeks Of Correction
Bitcoin (BTC) is weeks away from reaching the end of an overextended correction. The triangle in which Bitcoin (BTC) has been trading for the last seven months has become easier to break now that the price has traded further along it. Elliot Wave Oscillator for the BTC/USD daily chart above shows the price to have reached the limit of aggressive movements and will likely stabilize over the next few weeks before beginning a new cycle. So far, Bitcoin (BTC) has respected the long term support line, but in order to complete this correction, Bitcoin (BTC) will have to test its long term trend line at some point. The Laguerre PPO indicator on the lowest portion of the above chart shows that the price has yet to find a bottom and can be expected to fall further in the days ahead. The EMA alignment continues to remain bearish, with the price trading well below the 50 EMA. The volume has started to shrink again and market sentiment has turned from slightly bullish to bearish once again. In the past few weeks, the market has reacted aggressively to Bitcoin (BTC) ETF news. The first blow came when the ETF proposal presented by the Winklevoss Twins was rejected by the SEC. The market tumbled as expected but overreaction to the news dragged the price further down. To add fuel to the fire, a decision delay on the VanEck/SolidX Bitcoin ETF dealt a major blow to Bitcoin (BTC) in general and most altcoins in particular.