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 around $27,300.
Besides, the analyst drew attention to a double top pattern and an overbought condition on the hourly chart, indicating a likelihood of momentum shifting to the downside. He suggested that significant upward movements might only occur after this shift takes place.
Furthermore, the analyst moved to the daily chart and underlined that Bitcoin was similarly building towards its fifth wave movement, with a target range between $22,477 and $23,787. He noted that this target had remained consistent for a considerable period.
He emphasized that despite coming close to breaking out of the low wave structure, Bitcoin failed to do so. Additionally, Regan mentioned that the breakout would have occurred at $28,588. As a result, he argued that Bitcoin is still in the process of moving down towards its target lows.
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