Elliott Waves: Bitcoin is in final stages of a three wave drop

30 May 2022

BTCUSD remains nicely and impulsively bearish in the 4-hour chart and with the recent extension below the 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 A-B-C decline, ideally towards 24k-20k zone, where we will look for a strong reversal in trend.

Any move in five waves above 38572 level and out of a downward channel on a daily chart may indicate that low is already in place.