Bitcoin Elliott Wave Analysis

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 Bitcoin 240 mins chart


Analysis

From the above chart, prices could not move above $24000 which lead the price to tumble below $22000. It is very clear that the crypto is falling in a counter move, this means that it will face a Fibonacci number for the support.

As per Wave theory, prices are moving in wave ii and can take support near to wave iv of wave i where the lower horizontal line is placed. In short, prices are likely to remain or consolidate in a range of $24000-$20000 for some time which will complete wave ii and eventually wave iii on the higher side will unfold.

The summation is BTC will continue to remain in a range of $24000-$20000 for some time after that prices will pickup momentum and reach towards $33300-$33400 price range (minimum).

 

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