Elliott Wave analysis: Bitcoin slows down for correction

There is no big change in the Crypto market, but we see BTC Volatility Index trading at the lows, so new action can be close. If we take a look on Crypto total market cap chart, we can see an intraday potential resistance, so don't be surprised if we see, at least one more drop.

Bitcoin hit all-time highs, so we will have to be very careful at this stage, mainly because of potential strong resistance on a daily chart, either as part of wave B of a flat or wave 5 of an impulse. However, in the 4-hour chart, there's still a chance for more upside to complete a five-wave cycle, as current decline can be still wave 4 correction with support here in the 59k-54k zone. However, any bigger decline down below 53k level would be serious signal for a completed 5th wave and that bears are back in the game.

Bitcoin 4h Elliott Wave analysis

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