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Bitcoin may test June lows 29k-20k support zone: Elliott Wave analysis

Bitcoin may test June lows 29k-20k support zone: Elliott Wave analysis
Gregor HorvatGregor HorvatWavetraders

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

Bitcoin Elliott Wave

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

Bitcoin Elliott Wave Analysis

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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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