Elliott wave Analysis: BTCUSD Trading Towards Support

BTCUSD can be making an expanded flat correction within minor blue wave b, with legs (a) and (b) already completed. Ideally, some resistance will be seen for leg (c) of b near the 11000/11200 area, where Fibonacci ratio of 61.8 can react as a turning point lower. Once blue wave b fully unfolds, BTCUSD can drop towards the 8650/8000 zone for final blue wave c as part of a bigger wave 2/B correction, and there turn higher.

BTCUSD, 2h

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