Here is my Elliott wave (IV) count. I really can't call it mine. I watch Tradedevil a lot, so of course I borrow and copy things.
If you look in the Elliott Wave Principle online book, section 1-9 (1-8 link) it discussed a special ABC wave with a short A and a long plunging C. I think this explains the (W) wave in my chart. Especially considering the 100s of thousands of leveraged accounts that got liquidatediin the C plunge.
After such a monster plunge, I think it would be natural for BTC to chop around in a Wyckoff for X and Y, not having a balance in waves so desired. So that it my take on the lack of WXY balance.
I think this chart also fits the bullish narrative, and the sudden strong impulse upward that we have seen so far.
If you look in the Elliott Wave Principle online book, section 1-9 (1-8 link) it discussed a special ABC wave with a short A and a long plunging C. I think this explains the (W) wave in my chart. Especially considering the 100s of thousands of leveraged accounts that got liquidatediin the C plunge.
After such a monster plunge, I think it would be natural for BTC to chop around in a Wyckoff for X and Y, not having a balance in waves so desired. So that it my take on the lack of WXY balance.
I think this chart also fits the bullish narrative, and the sudden strong impulse upward that we have seen so far.