Short Term Elliott Wave view in Bitcoin (BTCUSD) suggests it is currently doing a pullback starting from 1.11.2024. The decline is taking the form of a zigzag Elliott Wave structure. Down from 1.11.2024 high, wave A ended at 41339 and wave B rally ended at 43577.69 as the 1 hour chart below shows. Wave C lower is currently in progress as a 5 waves. Down from wave B, wave (i) ended at 42158.6 and rally in wave (ii) ended at 42868.4. Wave (iii) lower ended at 40549.3 and wave (iv) rally ended at 41518.5. The instrument then resumed wave (v) lower which ended at 40256.6 and completed wave ((i)) in larger degree.
Rally in wave ((ii)) ended at 42143.3 and the crypto currency has resumed lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 40349.9 and rally in wave (ii) ended at 41173.8. Wave (iii) lower ended at 39190.1 and rally in wave (iv) ended at 40305.4. Bitcoin extended lower again in wave (v) towards 38503.2 which completed wave ((iii)). Rally in wave ((iv)) ended at 40526.3. The crypto currency is now in wave ((v)) lower and as far as pivot at 43577.69, 1 more leg lower still can’t be ruled out at this stage to end wave ((v)) of C. The right side / main trend for Bitcoin still remains bullish and thus we do not like short selling the instrument.
