Bitcoin price analysis: Elliott Wave harmonics are back! – FXStreet

• Bitcoin fell further 4.6% after heavy losses this weekend.
• Will the rout end at the Fib projection levels based on Elliott’s wave theory?

BTC / USD daily chart

Bitcoin recently followed the Elliott Wave theory.

This is an example of the theory working to catch up (https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-analysis-the-harmonicity-continues-on-the-hourly-chart-202003052208)

Now that the bottom of the model has been broken, the market will start looking for targets.

The next target would be the Fib extension level of 261.8%, but this current support will have to be broken. The current support is the high consoldation of December 23,

If so, the main dip of 6,432.04 could be the major target dip.

Additional levels