Bitcoin Price Analysis: BTC/USD continues to make lower high and lower low waves
- Bitcoin trades nearly 3% lower on Tuesday as sentiment remains weak.
- 9,135.00 is the next key area of support identified on the chart.
BTC/USD 4-Hour Chart
Bitcoin is having a tough time at present as sentiment fails to turn once again on Tuesday.
The 4-Hour chart continues to make lower low and lower highs.
This could suggest a new Elliott wave pattern might be starting to move lower.
A confirmation of this would be the break of 9,280.00.
The way we can tell it has begun is by the first lower high testing the 76.4% retracement level.
Now that level has been respected the next lower low wave could hit 9,135.00.
Beyond that 8,466.00 is the next Fibonacci support. The day the pattern can be negated is if the 10,030.00 resistance is taken out.
Only then can we say the pattern is invalid and the bull trend could resume.
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Additional Levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
