Bitcoin Elliott Wave - Going Down... (Cryptocurrency:BTC-USD)

Elliott Wave Analyst - tradinglounge • May 6, 2022 at 5:27 AM EDT

Bitcoin slips lower with tech stocks, this trend looks like it will continue... to 30K

selective focus photo of Bitcoin near monitor

Photo by André François McKenzie on Unsplash

Market Summary

Bitcoin is still following equites, so we should now see a rally off the current lows.
Bitcoin is still weaving across the 40,000 line above and below, in terms of the trading levels the 40K is a Medium Level (ML4) and when we talk about this level we talk about the smaller degrees of levels above and below the 40k above is Minor Group 1 MG1|41|42|43k if the market develops support on top of 43,000 then the market is bullish
and below ML4 is Minor Group 2 MG2|48k}37,200|36,500 if the 36,500 becomes the resistance then the market is bearish and its good to understand this when the Elliott wave count is not clear.

Video Length: 00:08:46

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