BTC futures had been trading down around $55,000 after coming off the record high of $61,000 on Monday. Until Chairman Jerome Powell gave his statement followed with a round of Q and A solidified that the accommodative policy was here to stay. His reaffirmance of the Fed’s dovish stance took the U.S. dollar significantly lower and most other assets higher.
After hitting a new record high in the cash market of $61,440 on Saturday, March 13th, we have come off of that high by roughly 8%. As of 4:30 PM EST, spot Bitcoin is trading at roughly $56,500 and $56,600 in the CME’s March futures contract.
An ABC flat correction differs from a zigzag in that the waveform traces out a 3-3-5 waveform. In general ABC flat corrections retrace less than zigzags.
The more powerful the underlying trend, the shorter the flat correction tends to be.
Although none of the many companies in the U.S. have filed applications for their own Bitcoin ETF have gained approval as of today, abroad, many such electronically traded funds have begun this week.
Recently we see the likelihood that BTC has already hit its target for our B wave increase. Today we have seen a small recovery in BTC, which currently, as of 4 PM EST, is trading at approximately $49,500, up over 2% for the day.
