Bitcoin Elliott Wave analysis: Eyes lower towards 37K area

  • Crypto market slides sharply.
  • Bitcoin turned down from resistance zone.
  • BTCUSD may trade lower at least in 3 waves.

After yesterday’s sharp and impulsive decline in the Crypto market, which we ideally see as a part of the first leg a/I wave, we may now see a three-wave corrective recovery in wave b/ii before a continuation lower within wave c/iii.

Bitcoin, BTCUSD turned sharply down from projected and important resistance zone, so seems like five-wave cycle is completed and we can now expect a reversal at least in three waves A/1-B/2-C/3 and least back to 37k area for C of a correction, if not even lower towards 30k for wave 3 of a new five-wave bearish impulse.

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