Bitcoin Elliott Wave Analysis

Bitcoin shorter-term analysis is suggesting that it ended the cycle from 10/11/19 peak (8818.14) at the low at 10/18/2019 (7808). Above from there, it has been correcting the cycle from 10/11 peak in 3-7 or 11 swings.

The move lower from 10/11/2019 peak can be subdivided in 5 waves where it ended blue (i) at 8220 low, wave (ii) pullback at 8490 peak and blue (iii) at 7917 low. Above from there, it ended the bounce in wave (iv) at 8138 peak. Below from there, it ended blue wave (v) of black ((i)) at 7808 low. The current bounce look to appear in a potential Elliott Wave ZigZag structure (5-3-5) after finishing the bounce the cryptocurrency can see more downside.

Near-term while bounces fail below 8818 peak we expect bitcoin to see more downside.