Elliott Wave analysis: Bitcoin has more downside pressure

Gregor Horvat Wavetraders

Good morning Crypto traders! We can see some intraday recovery in the Crypto market, but so far in three waves only, so be aware of a corrective rally and more weakness, especially if we take a look at BTC technical chart, which is moving nicely as expected and it's still not at extreme levels, which means that there's a chance for more downside pressure, probably till the end of the year.

BTCUSD is accelerating even lower in the 4-hour chart, which was expected based on a projected daily flat correction. So, seems like there's now room for more weakness within a five-wave cycle for wave C, which can send the price much lower, ideally towards June Lows and 29k-20k support zone, just be aware of shot-term pullback in wave (4).

Bitcoin 4h Elliott Wave analysis

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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