{"id":2884,"date":"2023-02-23T15:08:46","date_gmt":"2023-02-23T15:08:46","guid":{"rendered":"http:\/\/ewforex.net\/blog\/?p=2884"},"modified":"2023-02-25T03:25:38","modified_gmt":"2023-02-25T03:25:38","slug":"bitcoin-to-correct-bull-run","status":"publish","type":"post","link":"https:\/\/ewforex.net\/blog\/economia\/bitcoin-to-correct-bull-run\/","title":{"rendered":"Bitcoin to Correct Bull Run"},"content":{"rendered":"\n

EWFOREX.NET<\/p>\n\n\n\n

Featured Chart by Stockcharts.com<\/p>\n\n\n\n

Technical Analysis by Raul Fernando Luna Toro<\/p>\n\n\n\n

Price Action<\/h3>\n\n\n\n

The Bitcoin uptrend seems to have ended. Price reached two intraday highs of $25250 on Feb 16 and Feb 21, forming a double top pattern. Currently, the cryptocurrency has fallen and is trading at the $23700, which is slightly above yesterday’s $23574.69 low. If the price falls below this support, it is likely to head towards the Green Minor Degree lower channel trend line. <\/p>\n\n\n\n

Elliott Wave Analysis<\/h3>\n\n\n\n
\"\"<\/a>
Above is a chart of Bitcoin priced in Dollars with Elliott Wave labeling.<\/figcaption><\/figure>\n\n\n\n

Price has completed five Minor Degree Waves, which indicates that Intermediate degree (A) has capped off at the $25250.00 intraday high. As the market now retraces in Intermediate Degree (B), the risk is to the downside. Fibonacci impulse retracements of 38.2%, 50%, and 61.8% are located at $20943.40, $19767.88, and $18658.34, respectively, indicating potential support levels in the event of a market downturn.<\/p>\n\n\n\n

The crypto experienced a significant decline of 77.57% falling from the $69000 all-time high set in November 2021 to the $15476 November 2022 bottom. Afterward, the cryptocurrency bounced in a five-wave pattern suggesting the start of a new uptrend. <\/p>\n\n\n\n

However, considering that the downtrend from the all-time high also occurred in five waves, it is possible that this new uptrend is a corrective pattern at Primary degree.<\/p>\n\n\n\n

As mentioned earlier, the Minor Degree bullish impulse needs to undergo a correction before the uptrend can continue. This correction is likely to create buying opportunities at various support levels. Therefore, it is advisable to watch out for these support levels and take advantage of them. <\/p>\n","protected":false},"excerpt":{"rendered":"

EWFOREX.NET Featured Chart by Stockcharts.com Technical Analysis by Raul Fernando Luna Toro Price Action The Bitcoin uptrend seems to have ended. Price reached two intraday highs of $25250 on Feb 16 and Feb 21, forming a double top pattern. Currently, the cryptocurrency has fallen and is trading at the $23700, which is slightly above yesterday’s […]<\/p>\n","protected":false},"author":1,"featured_media":2885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economia"],"yoast_head":"\nBitcoin to Correct Bull Run | Casa de cambios | ewforex.net<\/title>\n<meta name=\"description\" content=\"Conoce el precio del d\u00f3lar en per\u00fa actualidado cada dia, compra del dolar, venta del dolar y la cotizacion del dolar actual en cambistas, casas de cambio y en los bancos naciones del Per\u00fa.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ewforex.net\/blog\/economia\/bitcoin-to-correct-bull-run\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin to Correct Bull Run | Casa de cambios | ewforex.net\" \/>\n<meta property=\"og:description\" content=\"Conoce el precio del d\u00f3lar en per\u00fa actualidado cada dia, compra del dolar, venta del dolar y la cotizacion del dolar actual en cambistas, casas de cambio y en los bancos naciones del Per\u00fa.\" \/>\n<meta property=\"og:url\" content=\"http:\/\/ewforex.net\/blog\/economia\/bitcoin-to-correct-bull-run\/\" \/>\n<meta property=\"og:site_name\" content=\"Casa de cambios | ewforex.net\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-23T15:08:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-25T03:25:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewforex.net\/blog\/wp-content\/uploads\/2023\/02\/bit111.png\" \/>\n\t<meta property=\"og:image:width\" content=\"652\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/ewforex.net\/blog\/#organization\",\"name\":\"casa de cambios\",\"url\":\"https:\/\/ewforex.net\/blog\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/ewforex.net\/blog\/#logo\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/ewforex.net\/blog\/wp-content\/uploads\/2020\/05\/cropped-logo-1.png\",\"width\":218,\"height\":44,\"caption\":\"casa de cambios\"},\"image\":{\"@id\":\"https:\/\/ewforex.net\/blog\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ewforex.net\/blog\/#website\",\"url\":\"https:\/\/ewforex.net\/blog\/\",\"name\":\"Casa de cambios | ewforex.net\",\"description\":\"Casa de Cambios Online En lima Per\\u00fa, Miraflores, Compra y Venta de Dolares, Cambio de Divisas al Mejor Precio. 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