Elliott Wave View: Bitcoin Looking for Larger Correction
Short term Elliott Wave View on Bitcoin (BTCUSD) shows the rally to 12336.88 on August 6, 2019 ended wave ((X)). The crypto currency declines from there and the structure is unfolding as an impulse Elliott Wave structure. Down from 12336.88, wave 1 ended at 11532, wave 2 ended at 12145.42 and wave 3 ended at 9980 and red wave 4 at 10457 peak. Below from there it ended red 5 blue (A) at 9456 low. Above from there expect Bitcoin to rally in wave (B) then extends lower
We expect bounce to fail in 3, 7, or 11 swing for further downside as far as pivot at 12336.88 stays intact.
We expect bounce to fail in 3, 7, or 11 swing for further downside as far as pivot at 12336.88 stays intact.
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