Bitcoin Recovers, But Bears Still Lurk

is recovering within the 4-hour chart, however the wave construction is usually sideways, which nonetheless seems like a correction. BTC bears may nonetheless be in play, primarily due to sharp and impulsive decline lately.

We nonetheless consider it is headed again under July 2021 lows and $30k degree for wave (5), the place we will probably be in search of a powerful $30k-$20k help zone. Nonetheless, it’d take a while as we see extra potential counts at this stage, for instance, flat or corrective triangle sample inside greater diploma wave (4).

Bitcoin Elliott Wave analysis 4-hour chart.

Bitcoin Elliott Wave evaluation 4-hour chart.

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