• Bitcoin is trading 1.8% lower on the session as crypto sentiment remains mixed.
  • The lower highs have projected the move to get closer to 6K.

BTC/USD 4-hour chart

Bitcoin has had a tough few sessions this week falling from a high of 7,466 to around 6,750 where the price is today. It had been worse at one stage when the pair was trading at 6,555 and now that level is the support target for the bears. 

If that wave low does break to the downside then there are some Fibonacci expansion targets to watch. The 261.8% and 38.2% extension confluence pretty close to the 6K area. Often when Fib zones match up with round numbers they can act as a magnet for price. 

The main Fib retracement is in blue, The black Fibonacci retracement confirms we have completed the wave 1-2 and now if BTC/USD is in a wave 3 phase it could be the longest so buckle up if 6,555 is broken. As we could see a more extreme downside move. 

Bitcoin Elliott Wave 6K

Additional levels

BTC/USD

Overview
Today last price 6737.84
Today Daily Change -139.36
Today Daily Change % -2.03
Today daily open 6877.2
 
Trends
Daily SMA20 6778.42
Daily SMA50 7093.84
Daily SMA100 8133.51
Daily SMA200 8031.31
 
Levels
Previous Daily High 6990.17
Previous Daily Low 6772.07
Previous Weekly High 7468.81
Previous Weekly Low 6681.12
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 6906.86
Daily Fibonacci 61.8% 6855.39
Daily Pivot Point S1 6769.46
Daily Pivot Point S2 6661.72
Daily Pivot Point S3 6551.36
Daily Pivot Point R1 6987.56
Daily Pivot Point R2 7097.91
Daily Pivot Point R3 7205.65

 

 


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