Elliott wave Analysis: BTCUSD Taking Price Down

Gregor Horvat Wavetraders

Hi traders,

As expected, Bitcoin finally broke out of a triangle in impulsive fashion, which is actually completely normal in these markets. So, BTC is now approaching our projected target for wave v/5 between 5k-4k, which should complete five sub-waves. As a first triangle measurement target, we see a nice psychological level of 5000, but keep in mind that it may go even lower. However, for now we remain bearish, but any sharp and impulsive bounce back above 6550 would indicate a bullish reversal!

BTCUSD, 4h

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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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