Weakness In The Offing For Bitcoin
Gregor Horvat | Jan 04, 2022 05:07AM ET
There have been no significant changes in the crypto market since yesterday. It remains under intraday bearish pressure, and there can be room for more weakness at the start of 2022, especially if we take a look at daily BTC/NDX (Bitcoin against the NASDAQ ratio chart), where we are looking for a five-wave drop within wave C to complete a zig-zag A-B-C corrective pattern.
Bitcoin made a three-wave intraday pullback over the weekend after a sharp and impulsive sell-off, ideally an (a)-(b)-(c) running flat corrective pattern that can send the price even lower in the days ahead.
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