As per Elliott Wave analysis is still trading below base channel, which more and more looks like wave 4 correction, however for now we are still observing wave C or 3, so we are patiently waiting, because the key will be an upcoming recovery.

If BTC remains slow and sideways, then this would be ideally wave 4 triangle correction which can send the price even lower for wave 5, but any strong and impulsive rally back to 47k area would be signal for a completed wave C.

BTC/USD 4h Elliott Wave Analysis Chart

Bitcoin Elliott Wave

Bitcoin Elliott Wave

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