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.
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.
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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.
