BTCUSD - Outlook Update
Guys I have cleared my charts and had a simpler look at Bitcoin from an Elliott Wave perspective, with my limited knowledge and have come to an analysis of what I anticipate as a result of the more recent price action. Bitcoin has completed 4 of the 5 legs of the bearish triangle. ABC and D Legs have been completed and we now wait on the E Leg, which is taking quite some time to form. Since May 29th the E Leg has been trading up to sideways on the 4 hour chart. So far price has completed a minor abc correction from the May 29th low of 33395.80 ending at the current high at 38832.05. Leg E appears to be shaping up as a possible zig zag leg. It is our anticipation that price would give us a measured move up into the 100% Fib Expansion or the Fibonacci measurement of wave:A from wave:B arriving at 40116.80, which would complete the E Leg and this would be considered an overthrow of the E Leg. I have also added some time projections which line up with the 40116.80 target between June 2nd and 3rd. This analysis should play out if price can maintain above 36903.95, which is the 50% line of the triangle.
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