Elliott Wave analysis: Bitcoin may slowdown before hitting 60K level
|BTCUSD is still following USD Index since January 2021, but DXY can be still nearing some strong resistance, so be careful in the upcoming weeks. However, shorter-term there's still room for slightly higher levels to complete five-wave cycles. We can see some intraday recovery in the Crypto market, but so far still in three legs only for now, so be aware of flats or complex corrections.
Bitcoin slowed down in the 4-hour chart after we noticed an important zone for wave 3, so seems like it's trading now in wave 4 correction that can be finished or still in progress as part of flat pattern before we will see a continuation higher towards 60k area for the 5th wave. Ideal support is still 54k-53k zone, but if goes straight up, then wave 5 is already in play.
Bitcoin 4h Elliott Wave analysis
In intraday chart, BTCUSD made a three-wave rise into new highs and there's still a chance for a potential irregular flat correction within wave 4, where wave »c« down is still missing. So, ideal support is still 54k-53k zone, but if goes straight up to 60k, then wave 5 is already in progress.
Bitcoin 1h Elliott Wave analysis
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