Long

BTC to $14,000 - Consolidating triangle and Elliot Wave pattern

Updated

Hi all, hopefully, this plays out but I think there is a clear Elliott Wave pattern forming here and we are just entering Wave 4 so a potential buy-in point for those who missed the last pump. There was a consolidating triangle pattern forming (marked in yellow) we broke out from that and have hit some resistance at $12800 but this could be forming a larger triangle pattern when a line is drawn between it and the previous high of $14000. We would need more confirmation that the pattern was accurate but if it is we could expect some more consolidation and a further breakout.

On the 1 hour chart we are seeing a bearish crossover of the MACD and Signal line but this ties in with the formation of Wave 4. If the Elliot Wave pattern is correct this would indicate a breakout to a retest of $14000.

Let me know what you guys think!

Thanks.

Note

Looks like wave 3 has a bit more in it before completion. Consolidation completed very quickly and breakout higher has happened. If the wave pattern holds up $14000 will be the end point for wave 3 with pullback caused by the resistance. Wave 5 will then breach the $14000 resistance level.

jamessto

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