Bitcoin Elliott Wave Sequence Geared for Bears | Jeremy Wagner

Hi,

Bitcoin's sideways grind is meant to lull traders to sleep. There are some bearish patterns bubbling inside this range that points prices towards the low 8000's.

We have a completed 5-3 pattern where a bearish impulse wave (the five) is followed by a complex correction higher (the three). This 5-3 pattern began on June 22 and completed on July 8. This implies bitcoin prices are ripe to turn lower from near current levels.

Technical support and wave relationships begin to appear near 8400 and 8235 with even lower levels in play. The risk to reward ratio is strong from this levels in that if prices increase above 9500, then there is another pattern at play.

Good luck!