Elliot Wave Analysis of the BTC chart looks bullish.
I'm guessing this triangle wave is part of a complex correction in wave 2, and so, we need one more leg down (about 4%) before a strong wave 3 up above the channel.
I'm guessing this triangle wave is part of a complex correction in wave 2, and so, we need one more leg down (about 4%) before a strong wave 3 up above the channel.
Note
Wave 3 = Wave 1 in length, approximately. Thus Wave 5 cannot be expected to extend. A maximum expected rise for this impulsive structure is probably near the $18k/btc area, if corrective waves rise higher than the top of W5.5.Note
Prob. got a truncated wave 5.
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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.