E Bitcoin Elliott Wave Analysis - May Retest Lows

  • Crypto markets recover in a three-wave structure
  • Some Altcoins can retest intraday highs
  • Bitcoin trades within ending diagonal within wave 5

The Crypto market is trying to turn down after a three-wave corrective recovery, so we have to be aware of more weaknesses this week, ideally for the final wave 5 that can send the price back to lows before we will see a bigger recovery. Of course, some ALTcoins can retest the intraday highs, but keep in mind that Bitcoin made strong rejection at 37k resistance level followed by broken Elliott Wave channel which can be a signal that bears are still in control.

On 4h Chart BTCUSD made another recovery, but so far in three waves only, which indicates a corrective movement, so the ideal scenario would be an ending diagonal within wave 5 that can retest the lows before we will see a bigger recovery. Of course, any earlier jump towards the 40k area might be a signal for the bottom and completed 5th wave.

Bitcoin BTCUSD 4h Elliott Wave Analysis Chart

Bitcoin 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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