BTC/USD: Is Bitcoin just playing out a complicated 4th leg? [Video]

Ian Coleman FXStreet

We have seen some consolidation in BTCUSD after the aggressive sell off. Breaking down the timeframes, the long-term bias remains bearish, and we could be in a complex 4th wave correction before sellers return.

261.8% and a 5th wave completion (as far as Elliott Wave is concerned) is not seen until 17139.

We could/should consolidate until month-end in the corrective 4th wave channel. We will watch price action to see if the bearish Butterfly unfolds with the channel.

Author

Ian Coleman

FXStreet

Ian started his financial career at the age of 18 working as a Junior Swiss Broker at Godsell Astley and Pearce (London). He quickly moved through the ranks and was Desk Manager at RP Martins at the age of 29.

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