Bitcoin Elliott Wave analysis – Be aware of a bearish continuation
|We can see quite solid rebound in the Crypto market, but looks like in three legs only for now. So, first 2.0T resistance is here, but if we get five waves up from the lows till the end of the week, then we can confirm a bullish reversal, otherwise in case if another sharp and impulsive decline, bears are still in control.
As per Elliott Wave analysis Bitcoin, BTCUSD is came nicely down in the 4-hour chart, but it's trading now at key 40k-37k zone for wave C, so in case if we see strong rebound and recovery back to 50k, then bulls could be back in the game. However, at this stage still be aware of a continuation lower within wave 3 towards 32k-30k area.
Bitcoin 4h Elliott Wave analysis chart
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