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  • There has been some pretty choppy price action in the crypto world today.
  • BTC/USD is trading -2.5% lower on Tuesday as sentiment is once again weak.

BTC/USD 1-Hour Chart

Today has been an interesting day in the macro markets. The Fed cut interest rates by 50bps and Bitcoin jumped initially but pared gains.

The chart below shows that there may be a new downside Elliott Wave formation moving lower.

There is the potential that BTC/USD could be in the 3rd wave lower. 

The first indication of this is the 1-2 wave that stopped at the 76.4% Fibonacci level.

Now the wave low of 8,737.80 has been rejected once again as resistance. 

The move lower could hit the 1.618% – 61.8% confluence. 

This would indicate that we indeed are in a 3rd wave and on most occasions, the 3rd wave is the longest.

Bitcoin Price Action

Additional Levels