BitcoinShort
Where is Bitcoin Heading to, North or South? Elliot Wave Guide
When it comes to Elliot Wave analysis, we tend to have alternative count which keeps us on the line for both the bullish and bearish scenario.
In Bitcoin's case, the point is to know whether the correction is complete and the new bull leg has started or not. Let's take a look at it via the Elliot Wave Principle.
In the main count, the guideline suggests that the corrective pattern is unfolding as a complex double three/zigzag pattern labeled (w)-(x)-(y)-(x)-(z). While (w)-(x)-(y)-(x) is very clear, the problem is whether wave (z) is completed. From my count, wave (z) is not completed yet and the five-wave in wave "b" is just part of an expanded flat pattern, that's a sell-off in wave c of (z) is imminent.
ALTERNATIVE SCENARIO
However, in the alternative count, I have labeled the wave in such a way that the (w)-(x)-(y)-(x)-(z) correction is already completed and the recent five-wave rally is the beginning of the new bullish phase for BTC. Because according to the Elliot Wave principle, five-wave always indicates the direction of the larger trend, but we will need to see a corrective pattern in "wave ii" that must not exceed $6459 area to validate the impulse move.
At this stage, it's just a matter of waiting to know which way to go.
What's your view on Bitcoin? Let me know in the comment.
Thanks for reading!
In Bitcoin's case, the point is to know whether the correction is complete and the new bull leg has started or not. Let's take a look at it via the Elliot Wave Principle.
In the main count, the guideline suggests that the corrective pattern is unfolding as a complex double three/zigzag pattern labeled (w)-(x)-(y)-(x)-(z). While (w)-(x)-(y)-(x) is very clear, the problem is whether wave (z) is completed. From my count, wave (z) is not completed yet and the five-wave in wave "b" is just part of an expanded flat pattern, that's a sell-off in wave c of (z) is imminent.
ALTERNATIVE SCENARIO
However, in the alternative count, I have labeled the wave in such a way that the (w)-(x)-(y)-(x)-(z) correction is already completed and the recent five-wave rally is the beginning of the new bullish phase for BTC. Because according to the Elliot Wave principle, five-wave always indicates the direction of the larger trend, but we will need to see a corrective pattern in "wave ii" that must not exceed $6459 area to validate the impulse move.
At this stage, it's just a matter of waiting to know which way to go.
What's your view on Bitcoin? Let me know in the comment.
Thanks for reading!
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