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
Check more of our analysis for currencies and cryptos in members-only area. Visit Wavetraders for details!
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.