- Bitcoin is down another 4.6% after heavy losses over the weekend.
- Will the rout stopp at the Fib projection levels based on Elliott Wave theory?
BTC/USD Daily Chart
Bitcoin has been following Elliott Wave theory to the point recently.
This is an example of the theory working to catch the pullback (https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-analysis-the-harmonicity-continues-on-the-hourly-chart-202003052208)
Now the bottom of the pattern has been broken the market will start to look for targets.
The next target would be the 261.8% Fib extension level but this current support will need to be broken. The current support is the consoldation high from 23rd December,
Then if that is the case the main low of 6,432.04 could be the major target low.