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Bitcoin Recovers, But Bears Still Lurk

Published 03/01/2022, 07:19 AM
Updated 07/09/2023, 06:31 AM
BTC/USD
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BTC/USD
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Bitcoin is recovering in the 4-hour chart, but the wave structure is mostly sideways, which still looks like a correction. BTC bears could still be in play, primarily because of sharp and impulsive decline recently.

We still believe it's headed back below July 2021 lows and $30k level for wave (5), where we will be looking for a strong $30k-$20k support zone. Still, it might take some time as we see more possible counts at this stage, for example, flat or corrective triangle pattern within higher degree wave (4).

Bitcoin Elliott Wave analysis 4-hour chart.

Latest comments

this big bear want at lower levels no one believe
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