Bitcoin eyes down below 30k level: Elliott Wave analysis

Gregor Horvat Wavetraders

Crypto market remains bearish and we can now see even acceleration to the downside, which means that bears are strong and we can expect even more weakness. As per coinmarketcap, major coin slid since last week with Bitcoin -21.57%, Ethereum -31.47%, Ripple - 26.71% at the time of writing GMT 11:06 AM and total crypto market cap has fallen below 2.0 T.

As per Elliott Wave analysis, BTCUSD is coming even lower in the 4-hour chart after a retest of December 2021 lows, ideally within wave (C) or (3) and there can be room for more weakness, at least towards 33k-31k area for wave (C) if not even lower for wave (3) down below 30k. So, we remain bearish and we should be aware of more downside pressure while the price is below strong trendline connected from the highs.

Bitcoin 4h 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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