Outlining Bitcoin’s Potential Correction Levels

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In Brief
  • The Bitcoin price has broken down from an ascending support line.

  • There are supports at $10,900 and $9,900.

  • The price is nearing the end of wave 4 in a five-wave Elliott formation.

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On Aug 25, the Bitcoin (BTC) price created a bearish engulfing candlestick and dropped sharply. This was likely the beginning of a corrective movement that is expected to take BTC back below $11,000. Bitcoin Backs Off Bitcoin decreased sharply on Aug 25, creating a bearish engulfing candlestick and breaking down below an ascending support line that had been in place since July 28. The
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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