Bitcoin: Elliott Wave Cycles Approaching The Support

  • BTC inflows triggers more weakness
  • BTC unfolds first leg of A-B-C correction within Wav (IV)
  • Supports: 24k, followed by 20k.

What we also noticed recently is that there were a lot of BTC inflows recenty, which makes you wonder why? It may sound bullish, but its not. “”Its like if bring a car into a car-shop; you obviously have a different idea-exchange it for something else.” It can be one of the reasons why BTCUSD can see a final dip, maybe even on big volume which was often the case on cryptocurrencies before market stabilized; similar personality with downtrend on stocks.

Bitcoin inflows

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From an Elliott Wave approach BTCUSD turned down exactly from projected resistance area back in April when we spotted a top with an ending diagonal that completed wave V of (III). So far we see a nice turn down into wave (IV) correction, which will obviously take even more time to unfold as we see five waves down from the highs as part of the first leg, wave A. So, after a corrective recovery in wave B, that can occur anytime soon, we will have to be aware of another sell-off for wave C to complete a three-wave A-B-C correction .

Bitcoin Daily Elliott Wave Analysis Chart


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