This is the best Elliott wave model for the current bitcoin action.
It satisfies most guidelines as below:
-Elliott wave guideline of alternation where if wave (2) is sharp, then wave (4) should be sideways. The current price action of bitcoin is a beautiful illustration of this, as we can see that wave (2) was a sharp correction (i.e. zigzag) and wave (4) is a triangle.
The contracting triangle is valid as long as the June low of wave (A) is not broken at 28805. if that happens, then this means that wave (5) has already occurred at (B), and the bull cycle is over.
Note: Not financial advice. Trade at your own risk
It satisfies most guidelines as below:
-Elliott wave guideline of alternation where if wave (2) is sharp, then wave (4) should be sideways. The current price action of bitcoin is a beautiful illustration of this, as we can see that wave (2) was a sharp correction (i.e. zigzag) and wave (4) is a triangle.
The contracting triangle is valid as long as the June low of wave (A) is not broken at 28805. if that happens, then this means that wave (5) has already occurred at (B), and the bull cycle is over.
Note: Not financial advice. Trade at your own risk
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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.
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.