• BCTUSD dropped after Tesla’s suspension
• Elliott Wave suggests wave C correction
• First Support seems at 43k Area

After Tesla's suspension of Bitcoin payments for Tesla vehicle purchases, BTCUSD dropped sharply. Tesla’s CEO tweeted that "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel."  In the past 24 hours it is trading lower -10.99% at GMT 7:50 AM writing time.

As per Elliott Wave analysis BTCUSD finally dropped from projected resistance area and seems like it's now on the way within wave C towards first 43k support area that can be made by a five-wave cycle while it's below 53500 level. In case of an immediate recovery back 53500 area, then we might be looking for more complex wave B correction labeled as ALTernate count.

BTCUSD 4h Elliott Wave Analysis Chart

• BCTUSD dropped after Tesla’s Suspension
• Elliott Wave suggests wave C correction
• First Support seems at 43k Area

After Tesla's suspension of Bitcoin payments for Tesla vehicle purchases, BTCUSD dropped sharply. Tesla’s CEO tweeted that "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel."  In the past 24 hours it is trading lower -10.99% at GMT 7:50 AM writing time.

As per Elliott Wave analysis BTCUSD finally dropped from projected resistance area and seems like it's now on the way within wave C towards first 43k support area that can be made by a five-wave cycle while it's below 53500 level.

In case of an immediate recovery back 53500 area, then we might be looking for more complex wave B correction labeled as ALTernate count.

BTCUSD 4h Elliott Wave Analysis Chart