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.

Rajan Dhall, MSTA FX 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.

Additional levels

BTC/USD

Overview
Today last price	6737.84
Today Daily Change	-139.36
Today Daily Change %	-2.03
Today daily open	6877.2

Trends
Daily SMA20	6778.42
Daily SMA50	7093.84
Daily SMA100	8133.51
Daily SMA200	8031.31

Levels
Previous Daily High	6990.17
Previous Daily Low	6772.07
Previous Weekly High	7468.81
Previous Weekly Low	6681.12
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6906.86
Daily Fibonacci 61.8%	6855.39
Daily Pivot Point S1	6769.46
Daily Pivot Point S2	6661.72
Daily Pivot Point S3	6551.36
Daily Pivot Point R1	6987.56
Daily Pivot Point R2	7097.91
Daily Pivot Point R3	7205.65

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