Bitcoin May test June lows 29k-20k Support Zone: Elliott Wave Analysis

We are still looking for more weakness after recent sideways and corrective wave structures. If we take a look at Crypto total market cap chart, we are still tracking wave (4) correction that can be already completed or still in progress as a bearish triangle pattern. Anyway, in both cases we can expect more downside pressure within wave (5) in upcoming days, which should be completed by a five-wave cycle of the lower degree.

Crypto Total Market Cap 1h Elliott Wave Analysis

Diagram Description automatically generated with medium confidence

Bitcoin, BTCUSD is accelerating even lower in the 4-hour chart, seems like there’s now room for more weakness within a five-wave cycle for wave C, which can send the price much lower, ideally towards June Lows and 29k-20k support zone, just be aware of shot-term pullback in wave (4) that can be also a sideways consolidation within a bearish triangle pattern.

Bitcoin 4h Elliott Wave Analysis

Chart Description automatically generated

However, according to quite big intraday recovery, we have also prepared count #2, where BTCUSD may have a completed five-wave cycle that can be now followed by a higher degree A-B-C pullback in wave (2) back to 57k resistance area before bears show up again.

Bitcoin 4h Elliott Wave Analysis

Chart, line chart Description automatically generated