BTC Elliott Wave Analysis
It appears that Bitcoin has completed a five wave impulse and now is correcting. Bitcoin is forming a falling wedge in the shape of a ABCDE correction. I think it is a ABCDE correction because each subwave of the ABCDE correction has a ABC pattern.
Another count would be WXY correction. However, this NOT an ABC Zig Zag correction as many analyst believe. Wave A does not have 5 impulse waves. One of the popular counts shown below has wave 3 as the shortest wave. According to Elliott Wave rules wave 3 is NEVER the shortest. No exceptions what-so-ever.
If we look at longer time frames, we see that Bitcoin is not out of the woods yet. The ABCDE correction could be Wave A of a ABC correction. Also, Bitcoin could still have a failed impulse. Bitcoin is still in the downwards parallel channel. If Bitcoin breaks out of the it, then we finally say a uptrend has started.
Another count would be WXY correction. However, this NOT an ABC Zig Zag correction as many analyst believe. Wave A does not have 5 impulse waves. One of the popular counts shown below has wave 3 as the shortest wave. According to Elliott Wave rules wave 3 is NEVER the shortest. No exceptions what-so-ever.
If we look at longer time frames, we see that Bitcoin is not out of the woods yet. The ABCDE correction could be Wave A of a ABC correction. Also, Bitcoin could still have a failed impulse. Bitcoin is still in the downwards parallel channel. If Bitcoin breaks out of the it, then we finally say a uptrend has started.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.