Bitcoin may test 29k Elliott Wave projected level

Bitcoin slid by 21.79% in the last 7 days.
It has tested 42k Projected Support Level.
Deeper and complex correction can send Bitcoin down around 29k Level.

Gregor Horvat Wavetraders

Bitcoin moved dramatically down after a Bitcoin’s suspension tweet from Tesla's CEO. BTCUSD slid by 7.97% in the past 24hours and trading lower in the last 7 days by -21.79% at 9:50 AM GMT writing time. Major coins also trading lower in the last 7days with ETH -14.54%, BNB -19.35%, XRP -3.20%, LTC -26.60%.

As per Elliott Wave Analysis, BTCUSD turned down exactly from projected target area for wave V of (III) and it's now trading nicely within wave (IV) correction. We can see it now already at the first projected 42k support level, but bulls could be back in the game only if we see bounce and recovery this week.

However, according to the time projection, we have to be aware of deeper and more complex correction which can send the Bitcoin even down to the second support around 29k level.

BTC/USD daily Elliott Wave analysis chart

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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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