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Bitcoin Under Pressure

Published 12/07/2021, 07:03 AM
Updated 07/09/2023, 06:31 AM

We can see some intraday recovery in the crypto market, but so far in three waves only, so be aware of a corrective rally and more weakness. If we take a look at Bitcoin's technical chart, the crypto is moving as expected and it's still not at extreme levels, which means that there's a chance for more downside pressure probably until the end of the year.

BTC/USD weekly price chart.

BTC/USD is accelerating lower in the 4-hour chart, which we expected based on a projected daily flat correction. So, it seems like there's room for more weakness within a five-wave cycle for wave C, which can send the price much lower, ideally towards June lows and the $29000-$20000 support zone. Beware of a short-term pullback in wave (4).

Bitcoin Elliott Wave analysis 4-hour chart.

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