BTCUSD BTCUSD.P is compressing for what looks to me like a larger move to the upside. My EW count has this entire move as a larger degree ABC correction from the drop from 6k to 3k. What we've seen for the past 3 weeks looks to me like a WXYXZ complex correction. I initially thought this was a WXY correction, but this latest sideways complex movement around the 3.5k region has be believing that we are not yet done with wave B. My target has been and continues to remain in the 3300-3400 range drawn in the trendline and trading range, which looks to me like a bullish pennant. The oscillator below is the Elliot Wave oscillator which as you can see is starting to compress. Volume has also been thinning, which indicates a larger degree move is coming. BIas is bullish and I believe we will see a leg up soon to finalize the C wave somewhere around the 4.5k region. Note
You can check out a detailed zoomed in version of the most recent complex on my twittertwitter.com/JonCCtrade/status/1089521135102935041
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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.