Bitcoin Under Pressure
Gregor Horvat | Dec 07, 2021 07:03AM ET
We can see some intraday recovery in the crypto market, but so far in three waves only, so be aware of a corrective rally and more weakness. If we take a look at Bitcoin's technical chart, the crypto is moving as expected and it's still not at extreme levels, which means that there's a chance for more downside pressure probably until the end of the year.
BTC/USD is accelerating lower in the 4-hour chart, which we expected based on a projected daily flat correction. So, it seems like there's room for more weakness within a five-wave cycle for wave C, which can send the price much lower, ideally towards June lows and the $29000-$20000 support zone. Beware of a short-term pullback in wave (4).
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