Bitcoin Elliott Wave analysis: Be aware of more weakness ahead

Gregor Horvat Wavetraders

There is no big changes in the Crypto market since yesterday. It remains under intraday bearish pressure and there can be room for more weakness at the start of 2022, especially if we take a look on daily BTC/NDX (Bitcoin against NASDAQ) ratio chart, where we are looking for a five-wave drop within wave C to complete a zig-zag A-B-C corrective pattern.

BTC/NDX daily Elliott Wave analysis

Bitcoin, BTCUSD made a three-wave intraday pullback over the weekend after sharp and impulsive sell-off, ideally an (a)-(b)-(c) running flat corrective pattern that can send the price even lower in the days ahead.

Bitcoin intraday Elliott Wave analysis

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Author

Gregor Horvat

Wavetraders

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

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