Bitcoin Bullish Reversal Underway
Hi Traders,
Bitcoin decline from $64854 high unfolded as a classic Elliott Wave impulse pattern, labeled (i)-(ii)-(iii)-(iv)-(v).
Wave (iii) is the longest of the three impulse waves, wave (ii) is a sharp zigzag correction, and wave (iv) is a sideways double-three correction.
According to Elliott Wave theory, a three-wave correction in the opposite direction follows every impulse pattern. That's exactly what I'm expecting from this current level considering that wave (v) is already completed.
The most conservative way to know that wave (v) is completed is to see the breach of the green level on the chart.
This is not the best time to short BTC as the market structure is favoring the bulls!
Bitcoin decline from $64854 high unfolded as a classic Elliott Wave impulse pattern, labeled (i)-(ii)-(iii)-(iv)-(v).
Wave (iii) is the longest of the three impulse waves, wave (ii) is a sharp zigzag correction, and wave (iv) is a sideways double-three correction.
According to Elliott Wave theory, a three-wave correction in the opposite direction follows every impulse pattern. That's exactly what I'm expecting from this current level considering that wave (v) is already completed.
The most conservative way to know that wave (v) is completed is to see the breach of the green level on the chart.
This is not the best time to short BTC as the market structure is favoring the bulls!
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