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Bitcoin Price Analysis: New Elliott Wave predictions put targets near 6K

  • Bitcoin is trading 1.8% lower on the session as crypto sentiment remains mixed.
  • The lower highs have projected the move to get closer to 6K.
Bitcoin Price Analysis: New Elliott Wave predictions put targets near 6K
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 4-hour chart

Bitcoin has had a tough few sessions this week falling from a high of 7,466 to around 6,750 where the price is today. It had been worse at one stage when the pair was trading at 6,555 and now that level is the support target for the bears. 

If that wave low does break to the downside then there are some Fibonacci expansion targets to watch. The 261.8% and 38.2% extension confluence pretty close to the 6K area. Often when Fib zones match up with round numbers they can act as a magnet for price. 

The main Fib retracement is in blue, The black Fibonacci retracement confirms we have completed the wave 1-2 and now if BTC/USD is in a wave 3 phase it could be the longest so buckle up if 6,555 is broken. As we could see a more extreme downside move. 

Bitcoin Elliott Wave 6K

Additional levels

BTC/USD

Overview
Today last price6737.84
Today Daily Change-139.36
Today Daily Change %-2.03
Today daily open6877.2
 
Trends
Daily SMA206778.42
Daily SMA507093.84
Daily SMA1008133.51
Daily SMA2008031.31
 
Levels
Previous Daily High6990.17
Previous Daily Low6772.07
Previous Weekly High7468.81
Previous Weekly Low6681.12
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%6906.86
Daily Fibonacci 61.8%6855.39
Daily Pivot Point S16769.46
Daily Pivot Point S26661.72
Daily Pivot Point S36551.36
Daily Pivot Point R16987.56
Daily Pivot Point R27097.91
Daily Pivot Point R37205.65

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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