Table of Contents
The image above is what a typical Elliot wave count for a bearish tend looks like.
Now when you compare that image to the current price action playing out on the Bitcoin 4-hour chart, we see a lot of similarities that can help us better understand where we currently are at on the Bitcoin Elliot wave count.
If this wave count is valid, we can expect to see a massive price rally in the coming days. This rally will signify the end of the current Bitcoin sell-off and will push the Bitcoin price back up in the coming days.
[primexbt]
One Last Leg Down Before The Rally!
If you didn’t read our previous Bitcoin analysis Warning: Can The Bitcoin Bulls Hold The $32,456 Support? We warned our readers of the potential for Bitcoin to make one last deep before the bullish rally officially starts.
That bearish prediction is playing out as we predicted. But you want to be careful at this point in time because we are at the tail end of this bearish move in Bitcoin.
Bitcoin is at the tail end of its bearish trend, aggressively managing your short positions in Bitcoin is important to avoid holding the bag once the rally starts
We will be keeping a close eye on this price prediction to ensure you are well informed when the bullish rally finally starts.
Will This Rally Signify The End Of The Bearish Trend?
On the 4-hour timeframe yes it might, but the Bitcoin daily timeframe is still looking very bearish. In the end, it will all depend on how the bullish rally plays out.
If the bulls come into the market with a lot of momentum, we can expect to see Bitcoin maybe make a new high in the coming days.
However, if the bullish rally is weak, we might see the coming bull run end before it even makes a new high.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
