Crypto market was slow over the weekend, so our view remains unchanged. We are still looking for more weakness after recent sideways and corrective wave structures. If we take a look at Crypto total market cap chart, we are still tracking wave (4) correction that can be already completed or still in progress as a bearish triangle pattern. Anyway, in both cases we can expect more downside pressure within wave (5) in upcoming days, which should be completed by a five-wave cycle of the lower degree.
Image Source: Unsplash
Crypto Total Market Cap 1h Elliott Wave Analysis
(Click on image to enlarge)
Bitcoin, BTCUSD is accelerating even lower in the 4-hour chart, seems like there's now 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 shot-term pullback in wave (4) that can be also a sideways consolidation within a bearish triangle pattern.
Bitcoin 4h Elliott Wave Analysis
(Click on image to enlarge)
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
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.