Bitcoin may test June lows 29k-20k support zone: Elliott Wave analysis
|Bitcoin, BTCUSD is accelerating even lower in the 4-hour chart, seems like there's no 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 a short-term pullback in wave (4) that can be also a sideways consolidation within a bearish triangle pattern.
Bitcoin 4h Elliott Wave analysis
However, according to quite big intraday recovery, we have also prepared count #2, where BTCUSD may have a completed five-wave cycle that can be now followed by a higher degree A-B-C pullback in wave (2) back to 57k resistance area before bears show up again.
Bitcoin 4h Elliott Wave analysis
Check more of our analysis for currencies and cryptos in members-only area. Visit Wavetraders for details!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.