Elliott Wave Analysis:BTCUSD Bears Are Not Done Yet; Room For 5k

Good morning traders,

After recent developments on bitcoin I decided to updated you in video as it appears that we are still in downtrend and that this weakness may continue to a new low once again.

There will be time to buy, but just not yet.

GH

Comment:

Bitcoin turned sharply higher, but there is still no signs of a bullish reversal, while it's trading below 8k level, so for now we are tracking deeper three waves of recovery, where price may test and slow down 7000 - 7200 resistance. So, traders should still be aware of a continuation down as this can be just another corrective recovery, drop back below 6k would be very bearish as it would open door for 5k.