Elliott Wave View: Bitcoin (BTC) Looking For Further Downside

Technical analysis of Forex market

Short term Elliott Wave suggests the decline from May 20, 2021 high is unfolding as a diagonal. Down from May 20 high, wave 1 ended at 31107.46 and rally in wave 2 ended at 41341.57. The crypto currency declined again in wave 3 towards 28600 and bounce in wave 4 is proposed complete at 36687.78. Internal subdivision of wave 4 unfolded as a double three Elliott Wave structure. Up from wave 3, wave ((w)) ended at 35517.22, pullback in wave ((x)) ended at 30082.79, and the last leg wave ((y)) of 4 ended at 36687.78.

Wave 5 is currently in progress with internal subdivision as a 5 waves impulse. Down from wave 4, wave (i) ended at 34049.36, and rally in wave (ii) ended at 35212.12. Wave (iii) ended at 32700.88, rally in wave (iv) ended at 33981.51, and final leg wave (v) of ((i)) ended at 32700.05. The crypto currency then rallied in wave ((ii) which ended at 35960 with internal subdivision as a zigzag. Down from there, wave (i) ended at 33143, and bounce in wave (ii) ended at 35100.49. Near term, while rally fails below 36687.78, expect Bitcoin to extend lower.

Bitcoin 90 Minutes Elliott Wave Chart