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@CryptoEliteElliott

BTC has made a sharp move to the upside during the Asian trading hours

Which has probably caught the Bears by surprise. Especially because, before this move, a break-out from the Triangle Formation to the downside has occurred, suggesting that BTC has done consolidating at it is ready to resume the Down-Trend.


However, that’s not what happened because BTC briefly dipped down below its previous Low, around 47500$, then sharply rebounded creating what looks like a Bart Pattern. The problem with the Bart pattern is that it tends to appears suddenly and it is also highly emotionally driven, therefore whatever gain (or loss) occurs during this formation will most likely be taken back by the Market on the next move.


Once again the 51K level is what needs to be observed as the Bulls have not turned it into Support yet. If we get a re-test of this level and holds, then BTC might have a chance to start recovering from these Lows.


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#btc #trade #crypto #cryptocurrency #trading

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