Bitcoin may test June lows 29k-20k support zone: Elliott Wave analysis
Bitcoin, BTCUSD is accelerating even lower in the 4-hour chart, seems like there's no room for more weakness within a five-wave cycle for wave C, which can send the price much lower, ideally towards June Lows and 29k-20k support zone, just be aware of a short-term pullback in wave (4) that can be also a sideways consolidation within a bearish triangle pattern.
Bitcoin 4h Elliott Wave analysis
However, according to quite big intraday recovery, we have also prepared count #2, where BTCUSD may have a completed five-wave cycle that can be now followed by a higher degree A-B-C pullback in wave (2) back to 57k resistance area before bears show up again.
Bitcoin 4h Elliott Wave analysis
Check more of our analysis for currencies and cryptos in members-only area. Visit Wavetraders for details!
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
