EW Analysis: Bitcoin Is Consolidating Within Impulsive Downtrend

CME:BTC1!   Bitcoin CME Futures
Hello traders and investors!

Today we will talk about Bitcoin, its price action from technical point of view and wave structure from Elliott Wave perspective.

With US stocks in risk-off mode it's hard to be bullish on BTC, especially when we see a sideways consolidation, which is usually a corrective movement within downtrend. In fact, price action since end of January looks slow and corrective, possibly even a triangle pattern for wave 4 that can send the price back below June 2021 lows and 30k level for the 5th wave. So, as long as 46k holds, we think there is a chance for another drop in Crypto market.

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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