Elliott Wave analysis: Bitcoin has more downside pressure
|Good morning Crypto traders! We can see some intraday recovery in the Crypto market, but so far in three waves only, so be aware of a corrective rally and more weakness, especially if we take a look at BTC technical chart, which is moving nicely as expected and it's still not at extreme levels, which means that there's a chance for more downside pressure, probably till the end of the year.
BTCUSD is accelerating even lower in the 4-hour chart, which was expected based on a projected daily flat correction. So, seems like there's now room for more weakness within a five-wave cycle for wave C, which can send the price much lower, ideally towards June Lows and 29k-20k support zone, just be aware of shot-term pullback in wave (4).
Bitcoin 4h Elliott Wave analysis
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