The price of Bitcoin is currently consolidating in the green area above the psychological support level at 30000.00. The emergence of a Morning Star pattern could signify a potential pullback towards the 61.8% Fibonacci at 42260.29 next.
This will happen if the price manages to penetrate above the lower limit of the descending channel. Such a pullback would represent the second retracement leg (3-4) of a broader Elliott Wave Pattern.
Once the bullish correction is completed, the price will likely continue developing the final impulse leg (4-5), which would likely fall below the 30000.00 support.
The diminished market liquidity over the summer months favours such a continuation of the downtrend.
This will happen if the price manages to penetrate above the lower limit of the descending channel. Such a pullback would represent the second retracement leg (3-4) of a broader Elliott Wave Pattern.
Once the bullish correction is completed, the price will likely continue developing the final impulse leg (4-5), which would likely fall below the 30000.00 support.
The diminished market liquidity over the summer months favours such a continuation of the downtrend.
