Bitcoin Elliott wave analysis - wave 5 has begun
Simple impulse wave count showing current price action forming the base of Intermediate wave 5 (the largest degree shown). If so, it would appear to be in the 5th wave of Minor wave 1, possibly completing around the 72.6-72.9K USD area.
This implies a pull back to around 50-61.8% of the length of Minor wave 1 to complete Minor wave 2. As always, prior pivots will be levels of interest in that range.
Upper targets are around the 125K level to complete Intermediate wave 5, which would be somewhere between a 100-115% advance.
Some non-Elliott wave channel analysis suggests Intermediate (4) is not yet complete. However RSI and other indicators suggest wave 5 has begun.
Minor wave count is officially wrong below 53,458.05 USD, which would indicate Intermediate wave 4 is still in progress - of course, that in turn applies to a decline below the end of Intermediate wave 1, which would invalidate the entire move as an impulse as counted.
This implies a pull back to around 50-61.8% of the length of Minor wave 1 to complete Minor wave 2. As always, prior pivots will be levels of interest in that range.
Upper targets are around the 125K level to complete Intermediate wave 5, which would be somewhere between a 100-115% advance.
Some non-Elliott wave channel analysis suggests Intermediate (4) is not yet complete. However RSI and other indicators suggest wave 5 has begun.
Minor wave count is officially wrong below 53,458.05 USD, which would indicate Intermediate wave 4 is still in progress - of course, that in turn applies to a decline below the end of Intermediate wave 1, which would invalidate the entire move as an impulse as counted.
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