Trader: Bitcoin's Current Rally Isn't Corrective, It's Impulsive

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By Jackson Dumont 



 Crypto traders explain why this Bitcoin rally may be more than just a correction. 



Is Bitcoin’s current rally just a bull trap, or is it actually headed for the moon? Trader Alessio Rastani and co-founder of Wintermute Trading, Yoann Turpin, explain why Bitcoin’s upward momentum may be impulsive in nature rather than corrective. 
Don’t miss the latest episode of Cointelegraph’s crypto market discussions for further analysis of the long term future of Bitcoin and a glance at which altcoins are looking promising at the moment!


Bitcoin to Keep Going Higher?

 Rastani is a believer in Elliott Wave Theory. According to Investopedia, Elliott Wave Theory is a method of technical analysis that identifies impulsive and corrective movements based on three-wave and five-wave patterns. Impulsive waves are in line with the trend, while corrective waves are against the trend. Rastani uses this methodology to describe Bitcoin’s current rally.

 

 “...from an Elliott Wave perspective, this rally to me is not corrective. To me, it's actually impulsive. So we've got five waves already in this rally. This five wave rally tells me that we're in the beginning of a major - this to me is wave one of a longer term bull market in Bitcoin.”

Read the Whole Story on Cointelegraph



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