BITCOIN: 14 May, 2024
Updated
© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M
The broader context shows that wave 4-red has concluded, and wave 5-red is opening up to push higher.
The short-term outlook indicates that wave (ii)-purple seems to have just completed, and wave (iii)-purple is now opening up to push higher. The probability of this forecast is not the highest, as the first wave rarely appears as an Expanding Diagonal. Therefore, I want to see the price rise above the high of 63450.00 once again to reinforce the bullish outlook for a much higher move.
Invalidation point: 60187.12
The broader context shows that wave 4-red has concluded, and wave 5-red is opening up to push higher.
The short-term outlook indicates that wave (ii)-purple seems to have just completed, and wave (iii)-purple is now opening up to push higher. The probability of this forecast is not the highest, as the first wave rarely appears as an Expanding Diagonal. Therefore, I want to see the price rise above the high of 63450.00 once again to reinforce the bullish outlook for a much higher move.
Invalidation point: 60187.12
Trade closed: target reached
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