Bitcoin Elliott Wave Analysis: Be Aware of Short-Term Recovery Before Turning Down

Good morning Crypto traders! No big changes from yesterday, Crypto market remains under bearish pressure and there can be room for more weakness, especially now when we see strong daily reversal on stocks, just watch out for intraday pullbacks. Two days ago Microstrategy CEO Michael Saylor Discussed that Bitcoin Can Become $100 Trillion Asset Class, but looking at the Microstrategy chart compared to Bitcoin, we can see a corrective movement within downtrend, so »buy the rumor, sell the news« ?

Microstrategy Vs Bitcoin Elliott Wave Analysis

BTCUSD is sharply and impulsively down in the 4-hour chart after we noticed 5th wave, so seems like temporary top is in place and we can expect much bigger decline at least in three waves A/1-B/2-C/3. Currently we are tracking a pullback in wave B/2 or alternatively still wave A/1, however, in both cases be aware of short-term corrective recovery only before the downtrend within wave C or 3 resumes.

Bitcoin 4h Elliott Wave Analysis

BTCUSD remains under intraday bearish pressure and seems like it’s trying to retest the intraday lows, but there’s still a chance for a flat correction in wave B/2, where wave »c« is still missing. On the other hand, current drop could be also still as part of wave »v« of A/1 from the highs, however, in both cases we will have to be aware of a pullback before a continuation lower within wave C/3.

Bitcoin 1h Elliott Wave Analysis