ElliottWaveAnalyst

ElliottWaveAnalyst Updated 

As we can see on the chart, Bitcoin is in a zone with heavy high volume resistance after having broken down from a large ascending wedge. It should stay within the downward fan channel and accelerate to the downside in a wave 3 of a larger scale A wave correction to around 6100 or lower in the medium term.

ElliottWaveAnalyst

The chart speaks for itself, great low risk high gain short setup in this crypto, only a move over 330 would cancel this setup but the ods are much higher of a large breakdown as shown in the chart.