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Bitcoin breaking the channel support

Bitcoin breaking the channel support
Gregor HorvatGregor HorvatWavetraders

BTCUSD is coming sharply down in the 4-hour chart and seems like it's going to retest June lows within 5th wave after the recent complex corrective structure in wave 4. So, watch out for more weakness towards 17k-12k area, but maybe within a slower price action as part of the ending diagonal pattern for wave 5, unless it alternatively stays sideways within wave 4 bearish triangle formation.

On the hourly chart, we can also see five waves down from 20.600 resistance area , which suggests more downside in the near future, after any short-term rally.   

Chart

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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