Bitcoin: Elliott Wave Analysis

 Bitcoin 4 hour chart

As seen in the above chart, prices faced the resistance of the middle trend line of the falling channel and reversed, this now opens the possibility of testing $17,000 levels again. Please understand, none of the previous highs are taken out and also it is precisely moving in a falling channel. For a reversal, prices need to break the falling channel and give a bullish break.

Wave theory suggests, Bitcoin is moving in the last wave and in v wave (v) is ongoing. This wave can be in equality of wave (i) of wave v which comes to $16,800 levels. So I think prices can falter towards $17,000-$16,800 to complete wave (v) 0f wave v of wave c.

The summation is Bitcoin has failed to give resilience as expected and has shown signs of reversal which can drag prices in a range of $17,000-$16,800 levels.


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