Bitcoin Looks For A Recovery

Published 03/08/2022, 06:37 AM
Updated 07/09/2023, 06:31 AM

The Crypto market is still falling on an intraday basis and seems like an impulsive decline from the highs. But, keep in mind that we might be in the final stages of the slide, so be aware of a pullback with ideal resistance in the 1.7T – 1.8T zone.

Bitcoin is down on the 4-hour chart, BTC bears could be still in play, and it can be still headed back below July 2021 lows and 30k level for wave (5), where we will be looking for strong 30k-20k support zone. Be aware of another short-term recovery within a bearish triangle corrective pattern for a higher degree wave (4) before the downtrend resumes.

Bitcoin Elliott Wave analysis 4-hour chart.

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