As plotted previously, the Elliot waves was plotted on BTC/USD. An impulsive wave, which goes with the main trend, always shows five waves in its pattern (1,2,3,4,5). On a smaller scale, within each of the impulsive waves, five waves can again be found. (the one I plotted was on a smaller scale). I see another wave forming and potentially the next peak will be higher than the previous one. Good news on the G20 Summit and theres delay in the regulatory work on crypto and I think its good news for investors as well in general and thats why BTC and crypto market recovered slightly. I think it might turn probably bullish soon.
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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.