BitcoinShort
Irregular Flat Pattern ending 9k-10k Support Levels BTCUSD
From an Elliott Wave standpoint the price action varies from market maker to market maker. On the coinbase broker we have an irregular flat pattern a-b-c that is currently in the wave c. The wave c structure appears to be playing out as a wedge patter that moves in 5 3 wave movements that whereby the wave IV reaches above the terminus point of wave I. The technical structure appears to be a double three complex pattern off the highs when one looks at non-coinbase market-maker charts.
The Wedge wave C down appears to be in the 5 wave down now that should bring price down to test mid 10,000s area. A failed fifth wave would match the social emotional fever surrounding crypto.
Calculating interior Wave C produces this conclusive pattern possibility. From Price high $16,261 down wave V = wave I AT 10,414.89.
The larger a-b-c pattern using elliott wave fibonacci projection guidelines translates to C = A*1.618=10,025.128. From the high of 19847.11 this would see price find support AT 9821.982.
The Wedge wave C down appears to be in the 5 wave down now that should bring price down to test mid 10,000s area. A failed fifth wave would match the social emotional fever surrounding crypto.
Calculating interior Wave C produces this conclusive pattern possibility. From Price high $16,261 down wave V = wave I AT 10,414.89.
The larger a-b-c pattern using elliott wave fibonacci projection guidelines translates to C = A*1.618=10,025.128. From the high of 19847.11 this would see price find support AT 9821.982.
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