Elliott Wave Analysis: BTCUSD Is Turning Bearish

Hello Crypto traders and investors!

Today we will talk about Bitcoin, its price action from technical point of view and wave structure from Elliott Wave perspective.

As you can see, BTCUSD has completed intraday five-wave cycle and after recent sharp decline + broken channel support line, seems like BTC is turning back to bearish mode, at least in three waves (A)/(1)-(B)/(2)-(C)/(3).

Currently BTC is still unfolding first leg (A)/(1), which can see even more downside pressure or maybe even extended decline. However, we see and we want to share a potential short opportunity, which may come in play once a corrective recovery in wave (B)/(2) fully unfolds, where we later see room for more weakness within wave (C)/(3).

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Kommentar:

BTC UPDATE: BTCUSD remains nicely bearish as expected and seems like wave (C)/(3) already in progress. If stops around 35000 level, then it's (C) of a correction, but if goes even down to 32000, then it's wave (3) of a five-wave bearish impulse that can later send the price back to lows.

Kommentar:

Despite recent jump, we still see BTC trading in an irregular expanded flat correction in wave (B)/(2), so still be aware of more weakness within wave (C)/(3) ahead of the weekend.