Bitcoin Has An Unfinished Five-Wave Decline
May 30, 2022


BTCUSD remains nicely and impulsively bearish in the 4-hour chart and with recent extension below base channel support line, it looks like a five-wave cycle is still in progress. At the moment we are tracking wave 4 that can be either a triangle or bigger (A)-(B)-(C) correction which can retest 32k-33k resistance area, from where we should be aware of another, maybe final decline for wave 5. On a daily basis we are still observing two different interpretations, but both suggest lower support levels, ideally towards 24k-20k zone, where we will look for a strong reversal in trend. Any move in five waves above 38572 level may indicate that low is already in place.

Bitcoin Chart

Check also our latest BTC video. CLICK HERE

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.