After surpassing recent all time highs, the Bitcoin price has seen a slight rejection from the $112k price point, and now potentially forming what may be a corrective structure prior to continuation of the uptrend.
I have charted an elliott wave combination correction featuring a flat, and 2 following zig zags, also knows as a WXY correction which is simply multiple ABC corrections merged to form a larger WXY zigzag.
The target for this correction is a third and final sweep of the low, being a reversal move and not a continuation to the downside.
This is somewhat consistent with a triple three correction, with multiple liquidity grabs before resuming in the direction of the original trend.
I will be watching closely over the week to see if we can get a sweep below $106k , where I will look for potential long trade entries.
I have charted an elliott wave combination correction featuring a flat, and 2 following zig zags, also knows as a WXY correction which is simply multiple ABC corrections merged to form a larger WXY zigzag.
The target for this correction is a third and final sweep of the low, being a reversal move and not a continuation to the downside.
This is somewhat consistent with a triple three correction, with multiple liquidity grabs before resuming in the direction of the original trend.
I will be watching closely over the week to see if we can get a sweep below $106k , where I will look for potential long trade entries.
Note
Here is the 1-1 extension based on the WXYNote
Invalidation for this pattern is for price to break above X pivot, therefore it is not valid. Note
Elliot wave invalidated Note
Wow, crazy fakeout on BTC. This pattern is still now back in play with the big fakeout dropTrade active
target hit for long trade 105k Note
Would like this 618 retracement to hold and rotate higherNote
Note
Big drop to 104k, I will be keeping the trade open and in fact adding some to the position here. Preference is to hold the 104k low, otherwise I will stop out and look for better entries. Note
Currently slightly offside on this prediction by a few percentage points, but I do still believe that BTC can continue higher. I will plan to scale this position larger up until the Value Area Low is lost being below 102k. For now, the overall trend remains bullish, and the stop loss is within just 3%.
Note
Looking like we are getting a bounce at the POC 
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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.