Bitcoin is coming lower after we recently noticed a complex W-X-Y correction, which belongs to a higher degree wave IV correction as shown on a daily chart. So looks like wave V is now in progress, and we should be aware of more weakness within a new five-wave bearish cycle down to around 75k area. In the 4-hour chart we are tracking wave 3, so soon we may see a breakout lower below 80k area. Just watch out for a wave 4 pullback before a bearish continuation for wave 5 of V.


Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.