Bitcoin Pulls Back: Elliott Wave Analysis Points to Next Move
The latest Elliott Wave analysis for BTCUSD shows Bitcoin is going through a three-wave pullback. The correction is developing as an Elliott Wave Double Three pattern, with wave (w) having found temporary support near the 0.764 Fibonacci extension of wave (x) relative to (y), around 76,602.
However, this pullback still looks incomplete at this stage. As long as the pivot at the (x) connector remains intact, BTCUSD could see another push lower toward the 74,881-72,033 area. A break below the recent 76,463 low would provide stronger confirmation for this scenario.
On the other hand, if Bitcoin continues to hold above the 76,463 low and manages to break above the (x) connector, the correction may already be complete. In that case, BTCUSD could be starting wave ((v)), opening the door for a move toward the 82,662+ area.