Bitcoin May Face A Correction: Elliott Wave Intraday Analysis

Forex Technical Analyst • Jan 30, 2023 at 8:42 AM EST

Bitcoin may face a correction, as we see it finishing a five-wave cycle of the lower degree per Elliott wave theory.

Bitcoin with ticker BTCUSD made a strong and impulsive rally recently, but looking at the intraday hourly chart, we can see it finishing wave »v« of a five-wave lower degree cycle for wave 3. It means that BTC may now face a new bigger and deeper a-b-c correction within wave 4 that can retest the 21k - 20k support zone before a continuation higher for wave 5 towards 25k – 26k area or higher.

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