Get started
Bitcoin
Long

Bitcoin Showing Mid Term Bullish Reversal

By Trader9898
Looking at the weekly chart, one can see that Bitcoin made a Elliot Wave 12345 fairly nicely. Extrapolating Elliot Wave Theory to ABCDE correction/reversals, we see that Bitcoin has been in a falling wedge/descending triangle formation for quite some time now, always bouncing off the bottom support. As the falling wedge/descending triangle formation is a bullish reversal pattern, the only question is when it will break out of the wedge. Going back to Elliot Wave theory, the ABCDE correction/reversal pattern states that it (*should*) break out on the next wave upwards, after bouncing off support.
Bitcoin (Cryptocurrency)bitcoinforecastBTCbtclongBTCUSDbtcusdforecastbtcusdlongBTCUSDTChart PatternsTrend AnalysisWave Analysis
Trader9898

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.