Elliott Wave Analysis of BTC/USD Long-Term Outlook
Updated
We should be nearing the end of a third wave, ready for a significant pullback to the $3600 region, before heading back up for a high-degree top in wave 5 of (1). I would be wary of remaining long without any concerns for the downside.
Note
I think the top might be in for wave 3. If that's the case, no new high above $7888 would be expected, prior to reaching the $4600 area. It appears bitcoin acts similar to commodities with extended 5ths. This is all new, so who knows. Buy around $4600 BUT be ready to get out with a new high!
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