Elliott Wave analysis: Bitcoin slows down for correction
|There is no big change in the Crypto market, but we see BTC Volatility Index trading at the lows, so new action can be close. If we take a look on Crypto total market cap chart, we can see an intraday potential resistance, so don't be surprised if we see, at least one more drop.
Bitcoin hit all-time highs, so we will have to be very careful at this stage, mainly because of potential strong resistance on a daily chart, either as part of wave B of a flat or wave 5 of an impulse. However, in the 4-hour chart, there's still a chance for more upside to complete a five-wave cycle, as current decline can be still wave 4 correction with support here in the 59k-54k zone. However, any bigger decline down below 53k level would be serious signal for a completed 5th wave and that bears are back in the game.
Bitcoin 4h Elliott Wave analysis
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