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Elliott Wave View: Rally in Bitcoin May Fail

Short Term Elliott Wave View in Bitcoin shows a 5 swing bearish sequence from November 10, 2021 high favoring more downside. Decline from there is unfolding as a double three Elliott Wave structure. Down from November 10, wave (A) ended at 53308.93 and wave (B) ended at 59099.64. The crypto currency then extended lower in wave (C) towards 41967.50 and this completed wave ((W)) in higher degree. Rally in wave ((X)) ended at 52089.1.

Bitcoin extended lower again and it has broken below wave ((W)) confirming that wave ((Y)) has started. Wave ((Y)) lower is unfolding as a zigzag structure. Down from wave ((X)), wave (A) ended at 39558.7 with internal subdivision as a 5 waves impulse. Wave (B) has either completed already or it can see a marginal high towards 44418 – 46355 blue box area before the crypto currency resumes lower. Near term, as far as pivot at 52089.11 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower in Bitcoin is 100% – 123.6% Fibonacci extension from November 10, 2021 peak. This area comes at 19061 – 25341 where strong support can be seen.

Bitcoin 60 Minutes Elliott Wave Chart

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