Elliott wave Analysis: BTCUSD Eyeing 5k-4k

Good morning traders,

As expected, Bitcoin dropped sharply after it hit our projected resistance area for wave b around ideal 61,8% Fibonacci retracement at 7400 level. So, we should be aware of more weakness towards new lows into the final wave c of 5, where 5k-4k target area is still in view. Even if wave b goes more complex, we will remain bearish as long as it's trading beneath 8500 region.

For now we are observing a five-wave drop into blue wave c.

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BTCUSD, 4h

btcusd, 4h