Elliott wave analysis of the market for June 30, 2026 BTCUSD
BTCUSD: SELL 58800, SL 60000, TP 56000.
Bitcoin is developing exactly in line with the previously discussed scenario. The leading cryptocurrency remains under significant selling pressure and has been unable to improve its position. At best, buyers have managed to keep the price relatively stable within a narrow range.
However, this has merely resulted in the formation of a correction, which is likely wave 4 within the developing bearish impulse. If this interpretation is correct, the price is expected to break lower in the near term, forming the final wave 5 of the same bearish impulse, which itself is part of wave (c) of the zigzag.
At that point, the bearish phase may finally come to an end, allowing the market to begin moving higher. Chasing the final downward leg is rather risky, as the remaining downside potential appears limited while the eventual reversal could be sharp. Therefore, it is advisable to wait for signs of a new uptrend before entering long positions. Nevertheless, those willing to take on additional risk may consider opening a small short position.
Investment idea: SELL 58800, SL 60000, TP 56000.
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