BTC – Fails to Hold ATH

Bitcoin hit a fresh all time high on Wednesday $69,000 but unfortunately could not hold its gains as selling pressure drove BTC below $62,800.

The correction was expected from the high levels but was this correction the only correction? If we check the pattern in April when Bitcoin rose to the $64,000 mark, it was trapped in the Elliot wave correction pattern and the Bitcoin decline gnu there.

The same pattern can be seen on the 4-hour chart. The correction normally takes place at the fourth wave however, there are chances of correction happening even after the second wave. Given that the correction does not take place after the second wave, we might see Bitcoin breaking above the $70,000 mark before diving for a major correction. The local support Bitcoin find is at fib 1.272 near the $57640 mark.