Lack of Momentum in Bitcoin

17 Mar 2021

We were anticipating some momentum in Bitcoin, after it appeared to have completed the corrective phase of a 5-3 Elliott Wave. However momentum was short-lived and we have seen another retracement. Luckily, 54.4K seems to be providing good support. If the fallout continues, watch 52.8K or 50.8K. Even if we hit 50K, we're still bullish of BTC. There is simply too much institutional interest, and more and more companies will follow Tesla and pile into BTC, especially considering the US dollar's decline and paltry performance in other assets. Consider this a buying opportunity because once we catch another wave of momentum, we should solidify the 60K handle easily.