Bitcoin May Test June 29K-20K Lows' Support Zone

Published 12/13/2021, 03:03 AM
Updated 07/09/2023, 06:31 AM

Bitcoin—BTC/USD—is accelerating even lower in the 4-hour chart. Seems like there's now room for more weakness within a five-wave cycle for wave C, which can send the price much lower, ideally towards June Lows and the 29k-20k support zone.

Just be aware of a short-term pullback in wave (4) that can also be a sideways consolidation within a bearish triangle pattern.

Bitcoin 4h Elliott Wave Analysis

Bitcoin Elliott Wave

However, due to the quite big intraday recovery, we have also prepared count #2, where BTC/USD may have a completed five-wave cycle that can now be followed by a higher degree A-B-C pullback in wave (2), back to the 57k resistance area before bears show up again.

Bitcoin Elliott Wave

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