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Bitcoin looks for a recovery: Elliott Wave analysis

Bitcoin looks for a recovery: Elliott Wave analysis
Gregor HorvatGregor HorvatWavetraders

Crypto market is still falling on the intraday basis and seems like it's still unfolding impulsive decline from the highs. But, keep in mind that we might be in final stages of slide, so be aware of a pullback with ideal resistance in the 1.7T – 1.8T zone.

BTCUSD is turning sharply down in the 4-hour chart, BTC bears could be still in play and it can be still headed back below July 2021 lows and 30k level for wave (5), where we will be looking for strong 30k-20k support zone, just be aware of another short-term recovery within a bearish triangle corrective pattern for a higher degree wave (4) before the downtrend resumes.

Bitcoin 4h Elliott Wave analysis

Bitcoin Elliott Wave

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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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