Bitcoin entering 1hr 3rd Elliot Wave to the downside!!

Bitcoin is currently underway in a Micro 3rd Elliot wave to the downside; we can see price came down from the HKEX:28800 high on 4th of april in a clean sub micro 5 wave impulsive wave structure to the downside to complete the larger degree Wave 1. Price has then made a consolidating pennant structure, forming an apparent ABCDE Wave 2 correction with a 3,3,3 sub wave structure. A wave 3 bottom could be forecasted towards the ~1.618 fib extension lying at approximately $26400 and a wave 4 correction using that pivot would take us to ~HKEX:27000 and potentially a final wave 5 could take price to a key area of support at HKEX:25700-$25880.

Breaking below the lower trend line at around $27770 would send price sharply lower. Ultimately Bitcoin is correcting large gains over the last month or so and will need to go lower to support levels to reclaim some bullish momentum.

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