BTCUSD 4h chart: Elliott Wave analysis - long
Elliott Wave analysis applied on the 4 hour BTCUSD chart (kraken).
The ABC wave is a ZIGZAG:
- wave A contains 5 waves up
- wave B contains wxy waves correction, which should be completed (wave y is now 100% of wave w). Also, B is now at 85.4% of wave A. If descending any further, the whole ZIGZAG wave is no longer applicable.
- thus, wave C is now expected to start (or has begun already) with a 5 waves up to the targets: 8145 USD (100% of wave a) or 8463 USD (123.6% of wave a).
Pitchfork analysis:
coordinates:
1: price 10580.5, bar 247
2: price 6525.0, bar 277
3: price 7867.5, bar 281
analysis:
- wave w did not touch the median line of the pitchfork
- the price in wave y is hovering at the edge of the pitchfork
Both indicate a move up, out of the pitchfork.
The ABC wave is a ZIGZAG:
- wave A contains 5 waves up
- wave B contains wxy waves correction, which should be completed (wave y is now 100% of wave w). Also, B is now at 85.4% of wave A. If descending any further, the whole ZIGZAG wave is no longer applicable.
- thus, wave C is now expected to start (or has begun already) with a 5 waves up to the targets: 8145 USD (100% of wave a) or 8463 USD (123.6% of wave a).
Pitchfork analysis:
coordinates:
1: price 10580.5, bar 247
2: price 6525.0, bar 277
3: price 7867.5, bar 281
analysis:
- wave w did not touch the median line of the pitchfork
- the price in wave y is hovering at the edge of the pitchfork
Both indicate a move up, out of the pitchfork.
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