#Bitcoin = Daily Analysis = 03.08.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #ElliottWave

As forecasted, $BTC continues to weave the corrective wave. Smaller frames advice that the first wave down has possibly bottomed. What is next? Let’s explore the options from different angles.

The previous Monthly analysis – link below.


Today $BTC formed a fourth red candle in a row, got oversold on the smaller timeframes and a little pullback is due. While the daily candle sequence is pointing down, the 1, 2 and 4hr candles are signaling at least a mini-reversal.
With such formations, we have to be careful, as any green candle tomorrow would shift the odds back to the bulls.
The indicators continue slowly deteriorate.
Odds: Neutral-Bullish

Elliott Waves/Forecast

From the perspective of Fibonacci levels, wave A possibly completed at the forecasted area of $37500-36000 and wave B started. If this hypothesis is accurate, wave B is expected to advance to $39500-41000 and this would take about 3 days.
I charted the possible path A-B-C on the chart above. Let’s see how it plays.

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Previous Monthly Analysis:

Reversal Call:

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