Its possible an Elliott five wave impulse pattern may have been completed at the 06/22/21 bottom. However, the supposed Minor wave ""4" has a truncated Elliott wave Zigzag correction. The supposed Minute wave "a" is lower than Minute wave "c". This factor opens the door for other Elliott wave counts. BTCUSD has rallied into potential Fibonacci resistance. The recent high is just below a Fibonacci .382 retrace of the entire April to June decline. Additionally the supposed Minor wave "C" is 1.618 x Minor wave "A".
Daily stochastic has a bearish lines crossover in the overbought zone.
If the wave count is correct it implies a move below the 06/22/21 bottom. Please see my prior BTCUSD post discussing the next BTCUSD significant support.
Mark
Daily stochastic has a bearish lines crossover in the overbought zone.
If the wave count is correct it implies a move below the 06/22/21 bottom. Please see my prior BTCUSD post discussing the next BTCUSD significant support.
Mark