RATE Group | Elliott Wave Theory suggests price could fall further
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Elliott Wave Theory suggests price could fall further

11 Mar Elliott Wave Theory suggests price could fall further

Posted at 18:23h in Bitcoin News by

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  • Bitcoin is trading over 1% lower today as senitment in the crptosphere is weak.
  • Elliott Wave theory suggests we could still be in the 3rd wave lower, which could mean more pain.

BTC/USD 4-hour chart

So if you are not familiar with Elliott Wave the chart below can seem confusing. Here is a link that could help you understand what is going on (https://www.fxstreet.com/technical-analysis/elliott-wave)

Going back to the chart now, the price is still in a 5 wave low pattern but it is important to work out which wave the pair is currently in. The wave 1-2 is now set, this can often help you determine where wave 3 will end up as we can use Fib projection (blue). The Fib projection for waves 1-2 is telling us that the price has gone past the 261.8% projection so this could easily be wave 3 at the moment.

Wave 3 usually subdivides into smaller waves. This is also a 5 wave pattern lower following the rules of Fibonacci. I have marked these waves in red as it will be…

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