Elliott Wave Analysis: Bitcoin is in final stages of a three wave drop

Gregor Horvat Wavetraders

BTCUSD remains nicely and impulsively bearish in the 4-hour chart and with recent extension below base channel support line, it looks like a five-wave cycle is still in progress. At the moment we are tracking wave 4 that can be either a triangle or bigger (A)-(B)-(C) correction which can retest 32k-33k resistance area, from where we should be aware of another, maybe final decline for wave 5. On a daily basis we are still observing two different interpretations, but both suggest lower support levels, ideally towards 24k-20k zone, where we will look for a strong reversal in trend. Any move in five waves above 38572 level may indicate that low is already in place

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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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