E Bitcoin Elliott Wave Analysis – Eyes To New Low

  • BTCUSD unfolds bearish triangle
  • ALTcoins recover in wave corrective wave B
  • Bearish looking stocks can affect the Crypto market

Nice bull trap on Bitcoin yesterday, but we were prepared. As per Elliott Wave analysis, Bitcoin is headed now back down with another three-wave A-B-C decline, however, the pattern looks more and more like bearish triangle formation now! New intraday recovery may occur during the weekend.

In the meantime, ALTcoins can slow down in wave B today as part of flat corrections and then up in wave C with weekend recovery. All that being said, if BTCUSD is really forming a bearish triangle and ALTcoins corrective recovery in wave B, then next week we have to expect another sell-off, where BTCUSD would be headed into new lows for wave 5, while ALTcoins into a wave C.

BTCUSD 1h Elliott Wave Analysis Chart

BTCUSD Elliott Wave analysis

Another thing which can be dangerous for Cryptos are bearish-looking stocks. Looking at the technology sector NASDAQ100, we can see a nice three-wave a-b-c flat correction in progress that can be approaching the end soon. If that's the case and NASDAQ turns sharply down next week, then it may easily affect the Crypto market.

NASDAQ100 1h Elliott Wave Analysis Chart

NASDAQ 100 Elliott Wave analysis

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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