- Bitcoin incurred a 3% loss under the seven-day performance metric.
- The analyst said BTC failed multiple breakout points, such as $27,300 and $28,588.
- A chart analyst claimed more significant bearish signals for Bitcoin using Elliott Wave Analysis.
Bitcoin has incurred an over 3% loss in its value under the seven-day performance metric, according to data. While Bitcoin trades below the $27k mark, Nick Regan, a chart analyst at the Cheeky Crypto YouTube channel, beamed the spotlight on BTC’s various time frames.
The analyst stated that the one-hour, one-day, and one-week time frames are the most important to consider in light of Bitcoin’s current performance.
Regan began by discussing the hourly chart, utilizing the Elliott Wave Theory to evaluate the current market structure. According to the analyst, Bitcoin appears to be searching for its fifth wave low, a part of a wave three low.
He underscored that, based on the Elliott Wave Theory technical analysis, each wave in the overall pattern typically consists of smaller five-wave structures. Notably, Regan sought to establish a bearish outlook since Bitcoin has failed to breach a crucial wave high at…
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