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Bitcoin Price Analysis: Elliott Wave harmonics are at it again!

Bitcoin is down another 4.6% after heavy losses over the weekend.
Will the rout stopp at the Fib projection levels based on Elliott Wave theory?

Rajan Dhall, MSTA FX Daily

BTC/USD Daily Chart

Bitcoin has been following Elliott Wave theory to the point recently.

This is an example of the theory working to catch the pullback (https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-analysis-the-harmonicity-continues-on-the-hourly-chart-202003052208)

Now the bottom of the pattern has been broken the market will start to look for targets.

The next target would be the 261.8% Fib extension level but this current support will need to be broken. The current support is the consoldation high from 23rd December,

Then if that is the case the main low of 6,432.04 could be the major target low.

Additional Levels

BTC/USD

Overview
Today last price	7698.41
Today Daily Change	-338.03
Today Daily Change %	-4.21
Today daily open	8036.44

Trends
Daily SMA20	9131.89
Daily SMA50	9289.65
Daily SMA100	8412.14
Daily SMA200	8709.03

Levels
Previous Daily High	8899.6
Previous Daily Low	8002.54
Previous Weekly High	9180.49
Previous Weekly Low	8405.51
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	8345.22
Daily Fibonacci 61.8%	8556.93
Daily Pivot Point S1	7726.12
Daily Pivot Point S2	7415.8
Daily Pivot Point S3	6829.06
Daily Pivot Point R1	8623.18
Daily Pivot Point R2	9209.92
Daily Pivot Point R3	9520.24

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.

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Additional Levels

BTC/USD

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