BTCUSD is in correction phase Second phase of correction not end

As we can see bitcoin had expected rise in 5 waves(3🚀 and 2❌) and now is facing that correction waves and chart is clear and mention that with Elliott impulse wave .
and percent of profit and correction each time was :

now we can see that some strong Reversal pattern are forming on daily chart like H&S and...(you can mention them on comments)

and we had creation of new descending channel by creating lower highs and we wont see any good potential of rise on bitcoin unless that black rectangle on chart that is strong resistance and is channel resistance break and if it break we may have huge rise and the reason is simple beacuse descending channels in uptrend are short-term fall and after breakout we may have continuation of rise .

price is testing 0.38% Of Fibonacci and it can break this support zone easily with completing second wave of correction that is needed to and best support for this correction is around that green rectangle why?
1. 200MA support
2. 0.5% of Fibooancci
3. daily support there (previous resistance zone that is support)

IF you are looking for better view on 4H chart take look at previous analysis that linked below .

DISCLAIMER: ((trade based on your own decision ))
1.trade carefully and have stop loss for sure
2.Past performance is not indicative of future results.


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53K technically is strong resistance now

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Strong support zone of 46K reached and can easily pump once again

but if it break we may have huge dump too .