The corrective pattern on BTCUSD seems to be completed as a double three (w)-(x)-(y)-(x)-(z) pattern after which it follows by a rally that broke out of the corrective structure channel. The structure of the rally looks like a five-wave impulse, it's labeled it (i)-(5). The impulse wave set the direction of the trend.
According to Elliot Wave theory, a three-wave correction in the other direction follows every impulse. For Bitcoin, this means we can expect a three-wave correction from or near the current level. The anticipated retracement has the potential to retrace 50%-78.6% of the recent rally.
Bottom Line
On the bright side, once the retracement is finished, the 5-3 wave cycle would be complete. A reversal for the beginning of the next bull leg should then occur in that area. The bullish scenario remains valid as long as the invalidation level at $6483 is not breached.
What's your view on Bitcoin?
According to Elliot Wave theory, a three-wave correction in the other direction follows every impulse. For Bitcoin, this means we can expect a three-wave correction from or near the current level. The anticipated retracement has the potential to retrace 50%-78.6% of the recent rally.
Bottom Line
On the bright side, once the retracement is finished, the 5-3 wave cycle would be complete. A reversal for the beginning of the next bull leg should then occur in that area. The bullish scenario remains valid as long as the invalidation level at $6483 is not breached.
What's your view on Bitcoin?
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.