Elliott Wave Analysis: Bitcoin Looks South Towards 30k-20k Support Zone

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Despite the fact that European Parliament votes against the PoW ban, which is a huge relief to the crypto industry, there's not much change in the Crypto market. Apparently, it had no effect. We can still see slow and sideways intraday price action, which looks like a correction within a downtrend that can be already finished or is still in progress. Anyway, sooner or later we can expect a bearish resumption, so watch out for a potential sell-off ahead of the important Wednesday's FED meeting. If we take a look at stocks, specifically the technology sector Nasdaq, we can already see it breaking a bearish triangle pattern, so the Crypto market may follow soon.

Nasdaq Vs. Crypto Total Elliott Wave Analysis

NADAQ

BTCUSD is turning sharply down in the 4-hour chart, so as expected, BTC bears could be still in play, and it can be still headed back below July 2021 lows and 30k level for wave (5), where we will be looking for strong 30k-20k support zone, just be aware of another short-term recovery within a bearish triangle corrective pattern for a higher degree wave (4) before the downtrend resumes.