Elliott wave Analysis: BTCUSD Looking Towards 8-6k
As expected BTCUSD fell into wave (c) a third leg of decline that we have been talking about a lot in our past updates. Wave (c) is a motive wave, so it must be made by five sub-waves before we may even consider that correction is finished.
Well, if we look at current price move on BTCUSD we see very slow structure, thus it’s probably just a triangle correction in wave 4 within still ongoing wave (c). So, eventually we expect new decline into wave 5 of (c), where final support zone can be between 8700 level for (A)=(C) and 6800 level towards channel support line and 161,8% Fibonacci extension of wave 4.
BTCUSD, 1h
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