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Elliott Wave Analysis: BTC/USD Can Face Support/Bullish Turn

Elliott Wave Financial Service
By Elliott Wave Financial Service

BTCUSD made a sharp, and strong drop recently, which made us change our former view on the cryptocurrency. We are observing a strong drop into a wave C of a bigger, complex correction which can be fully seen on the daily chart. Despite strong weakness, price is approaching potential support/turning point region near the 8500/8000 area, where bears may slow down, and bulls take over.

BTCUSD, 4h

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
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