Hello fellow traders. In this technical article we’re going to take a look at the charts of BTCUSD published in members area of the website. As our members know we have had a lot of buying setups in Bitcoin during the past 2 years. However at this moment buyers should be very careful as bitcoin shows incomplete bearish sequences from the All-time high. The price structure is showing lower low sequences, suggesting we can get more downside as far as 48279.5 pivot holds. Since the price has broken 01.24 low on May 9th it confirmed bearish sequences in Bitcoin suggesting potential extension down toward 12470 area. In further text we’re going to explain the Elliott Wave forecast.
Bitcoin is bearish against the 48279.5 pivot. Current view suggests that cycle from the mentioned high ended as 5 waves structure- ((A)) black, and now we are correcting it. Reaction from the low is shallow to be counted as full correction at this stage. We still expect to see another leg up (Y) of ((B)) before further decline ideally resumes.
Bitcoin has given us another leg up as we were expecting. Wave ((B)) recovery is counted completed at 32480. As far as the price stays below that level, we expect to see further decline toward new lows in wave ((C)). Break of ((A)) low (05/12) is needed to confirm next leg is in progress.
We got further decline as expected. Eventually Bitcoin has broken 05/12 low, confirming ((C)) leg is in progress. The crypto now remains bearish against the 3234.6 pivot in first degree. As of right now we are getting recovery (2) that should be ideally offer us new selling opportunities in 3,7,11 swings.
Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast