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Bitcoin Price Analysis: The wave pattern suggests further weakness

  • Bitcoin is trading over 3.5% lower on Monday as crypto sentiment remains weak.
  • The Elliott Wave pattern suggests we could be in a 3rd wave and these are traditionally the longest.
Bitcoin Price Analysis: The wave pattern suggests further weakness
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 4-Hour Chart

Bitcoin is having a down day on Monday.

The digital gold is trading over 3% lower on a bad day for cryptocurrencies.

The chart below shows the Elliott Wave count on the 4-Hour chart.

We could now be in the 3rd wave lower which is normally the longest but never the shortest wave down in the wave formation.

The potential target would be the 61.8% Fibonacci on the bigger Fibonacci retracement.

Bitcoin Elliott Wave

Additional Levels

BTC/USD

Overview
Today last price9599.99
Today Daily Change-366.30
Today Daily Change %-3.68
Today daily open9966.29
 
Trends
Daily SMA209887.35
Daily SMA509127.07
Daily SMA1008248
Daily SMA2008866.19
 
Levels
Previous Daily High10022.77
Previous Daily Low9666.4
Previous Weekly High10307.33
Previous Weekly Low9309.77
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%9886.64
Daily Fibonacci 61.8%9802.53
Daily Pivot Point S19747.53
Daily Pivot Point S29528.77
Daily Pivot Point S39391.15
Daily Pivot Point R110103.91
Daily Pivot Point R210241.53
Daily Pivot Point R310460.29

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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