Elliott Wave View: Bitcoin (BTCUSD) Turning Lower

Short Term Elliott Wave View in Bitcoin (BTCUSD) suggests rally to 25212.69 ended wave (A). Wave (B) pullback is in progress to correct cycle from 18 June 2022 low before it resumes higher again. Internal subdivision of wave (B) is unfolding as a zigzag Elliott Wave structure.

Down from wave (A), wave ((i)) ended at 23673 and rally in wave ((ii)) ended at 24448. The crypto currency then extended lower in wave ((iii)) towards 20785, rally in wave ((iv)) ended at 21357. Final leg lower wave ((v)) ended at 20769 which ended wave A.

Wave B correction is in progress to correct cycle from August 15, 2022 high in 3, 7, or 11 swing before the next leg lower. Up from wave A, wave (a) ended at 21778 and pullback in wave (b) ended at 20899.

Expect Bitcoin to extend higher in wave (c) which should end wave ((w)). Then expect pullback in wave ((x)) to hold above 20769 for further upside in wave ((y)) to complete wave B. As far as pivot at 25212.69 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

Bitcoin 60 Minutes Elliott Wave Chart

Elliott Wave View: Bitcoin (BTCUSD) Turning Lower

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