Bitcoin Dominance is turning down after reaching new high, so there’s a chance for some intraday ALTcoins rally, while BTC is slowing down.
However, keep in mind that we are approaching some important resistance in the Crypto market, so bigger decline is not excluded.
Bitcoin, BTCUSD may have now completed wave 3, so new three-wave a-b-c setback in wave 4 can be already in progress with ideal support in the 61k-58k zone before a continuation higher for wave 5 towards 68k-70k area. However, any bigger and stronger decline below 58k would be a serious signal that 5th wave is already in place labeled as Alternate count.
Bitcoin 1h Elliott Wave Analysis
Bitcoin hit all-time highs, so we will have to be very careful at this stage, mainly because of a potential strong resistance on a daily chart, either as part of wave B of a flat or wave 5 of an impulse. However, in the 4-hour chart, there’s still a chance for more upside to complete a five-wave cycle, as current impulse looks like a wave 3. So, if we see slow corrective pullback, then ideal support for wave 4 would be in the 62k-59k zone, but any sharp and impulsive sell-off towards 50k would be signal for a completed 5th wave labeled as Alternate count.
Bitcoin 4h Elliott Wave Analysis