Falling Wedge To Kickstart a Wave 3?
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There appears to be a small falling wedge pattern that is forming from the October 26th top of $10,350 down to now. Everything from the falling wedge pattern to the low volume associated with falling wedge patterns is happening. The falling wedge pattern is trending at the top of the descending channel that was formed from the June 26th top of $13,880. If the recent pump from the $7300 area to the top of $10,350 is seen as a micro 5 waves up, and a wave 2 would generally be a 0.500-0.618 retracement of the micro 5 waves up, then the bottoming zone for the wave 2 should be around $8,820 to $8,460. It doesn't have to be exact but it's usually around those numbers. So that means if the bottoming zone (relatively) holds, then a small wave 3 is imminent. Wave 3s in Elliott Wave are typically 1.618 times the size of the 1st wave off of the bottom of the 2nd wave. So, that puts a wave 3 target at ~$13,400 for now.
Nota
I forgot to add that there is also some bullish divergences in the MACD and RSI. You can notice that with the MACD and RSI completing higher lows while the price action is completing higher lows.Nota
Bitcoin is trending lower than expected. Absolute lowest possible wave 2 retracement is 0.786 of the move so if Bitcoin breaks through $7947 then this is not a wave 2.
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