Elliott Wave analysis: BATUSD Can Be Now Finishing A Five-Wave Cycle
Mar 15 2021
Today we will talk about BATUSD (Basic Attention Token) which we have been tracking for a while and it is moving nicely as expected based on Elliott Wave theory.
At the end of February we have spotted a completed A-B-C correction, from where we expected a new rally back to highs.
Later, at the beginning of March we saw nice bounce and recovery, which was a bullish confirmation that a new five-wave cycle is in progress and it can push the price even up 161,8% Fibonacci extension and 0.90 area.
Today on March 15 we can see BATUSD with a completed five-wave cycle right at the projected target area. We know that after every five waves, a three-wave correction follows, so it means that we must be aware now of a new corrective slowdown, which can send the price back to the starting point of a recent five-wave cycle, especially because of bearish RSI divergence.
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