E BTC/USD Slows Down For Correction

  • BTCUSD turned down from projected Area
  • Higher Degree Corrective Wave (IV) seems in play
  • BTCUSD may test 42k Level before turning ATH.

Coins markets trading higher in the last 24 hours with BTC 1.24%, ETH 3.49%, BNB 6.29%, DOGE 43.86%, ADA 34.01%

As Per the Elliott Wave perspective, BTCUSD turned down exactly from the projected target area for wave V of (III). It seems like a higher degree wave (IV) correction can be now in play, which can send the price back to the first 42k, maybe even the second 29k support level before we will see a bullish continuation. However, in case if BTC goes straight back to all-time highs, then wave (IV) could be already completed as part of an irregular flat correction.

BTCUSD Daily Elliott Wave Analysis Chart

BTCUSD 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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