Elliot Wave View: Bitcoin Sets a Stage for Further Decline
The rally from $4000 low moved correctively and took the shape of Elliot Wave double zigzag pattern, labeled w-x-y.
According to the theory, once a correction is completed the price resumes in the direction of larger trend, which is bearish in the BTCUSD case.
Prices also break out of the rising wedge support decisively further signaling the completion of the correction.
Price has the potential to take previous low in the anticipated decline.
Do you think BTCUSD will retest $4000 again?
According to the theory, once a correction is completed the price resumes in the direction of larger trend, which is bearish in the BTCUSD case.
Prices also break out of the rising wedge support decisively further signaling the completion of the correction.
Price has the potential to take previous low in the anticipated decline.
Do you think BTCUSD will retest $4000 again?
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