Bitcoin (BTC) long term Elliott count
Here is my long term Elliott wave count for BTC. Under this count, it would be working an extended 5th wave. The guideline states that wave 5 of 5 is the one likely to be extended. It is too early to say where the bullrun could end, but 380k can't be exceeded under this interpretation becauce wave III would become the shortest.
The breakout above the 30-32k area with a strong close and strong momentum makes this bullish view a high probability scenario. The bearish case does adhere to less guidelines anyway and is low probability, especially at this stage.
Where I am wrong? Invalidation would be a break below the purple wave (2) extreme. I wouldn't like to see daily closes below 30k though, otherwise I would suspect something else might be going on.
The breakout above the 30-32k area with a strong close and strong momentum makes this bullish view a high probability scenario. The bearish case does adhere to less guidelines anyway and is low probability, especially at this stage.
Where I am wrong? Invalidation would be a break below the purple wave (2) extreme. I wouldn't like to see daily closes below 30k though, otherwise I would suspect something else might be going on.
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