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Elliott Wave Analysis: Bitcoin Has More Downside Pressure

Dec. 07, 2021 8:49 AM ETBitcoin USD (BTC-USD)
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Seeking Alpha Analyst Since 2010

We provide advanced information about Elliott Wave theory in real-time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help market participants, who are interested in Elliott Wave theory, to understand the investor's mood and market cycles. We are doing our best to explain our views as simply as possible when tracking the market cycles from pessimism to optimism and vice versa.

Good morning Crypto traders! We can see some intraday recovery in the Crypto market, but so far in three waves only, so be aware of a corrective rally and more weakness, especially if we take a look at BTC technical chart, which is moving nicely as expected and it's still not at extreme levels, which means that there's a chance for more downside pressure, probably till the end of the year.

Bitcoin RSI

BTCUSD is accelerating even lower in the 4-hour chart, which was expected based on a projected daily flat correction. So, 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 29k-20k support zone, just be aware of shot-term pullback in wave (4). 

Bitcoin 4h Elliott Wave Analysis

Bitcoin Elliott Wave

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