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Elliott Wave analysis: Bitcoin looks for a bigger and deeper correction

Elliott Wave analysis: Bitcoin looks for a bigger and deeper correction
Gregor HorvatGregor HorvatWavetraders

Good morning Crypto traders! Crypto market is in a free fall as we have been warning for a long time and we will now have to be aware of more weakness till the end of the year.

Bitcoin, BTCUSD is sharply and impulsively down in the 4-hour chart after we noticed 5th wave, so seems like temporary top is in place and we can expect much bigger decline at least in three waves A/1-B/2-C/3. Currently we are still tracking wave A/1, but pullback in wave B/2 can be around the corner, so be aware of short-term corrective recovery before the downtrend within wave C or 3 resumes.

Bitcoin 4h Elliott Wave analysis

BTCUSD

Check more of our analysis for currencies and cryptos in members-only area. Visit EW-Forecast for details!

Author

Gregor Horvat

Gregor Horvat

Wavetraders

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

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