Elliott waves crypto analysis – Remain short towards 4500.00.


Remain short towards 4500.00.

Wave Analysis:

Since first May, Bitcoin has remained confined within the falling channel and is not showing any signs of breaking out of it. As long as the price remains within the falling wedge formation, we expect a possible momentum to the lower side. The anticipated bearish price rally is the continuation of the impulsive five wave cycle and should break below 5711.25 towards 4500.00 or even lower. Now that the price is below 6515.96, we expect a momentum to the lower side. This view can only be invalidated in case the price breaks above 6516.96, this being the case, we’ll expect a rally upwards.

Trade Recommendations:

Remain short towards 4500.00.

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