BTCUSD could have been following a triangle (ABCDE) correction since the all time high.
A triangle correction can have one of the sub waves trace a complex correction, and in this case the first wave can be viewed as another smaller triangle marked in red lines (This wave *could* also be counted as a zigzag or a double zigzag). Then the remaining BCDE waves can all be counted as zigzags (you will have to look at the hourly view to confirm this as a plausible count as I have)
If this count is correct then it means the correction is already complete.
The next few days should either validate or invalidate this view.
NOTE: I am aware that the volume does not help to confirm this view, I would expect it to decrease significantly as the triangle apex is reached, so for me this is not a primary count.
@samiswilf, I would say your level of certainty undermines the credibility of this statement. Extraordinary claims require extraordinary evidence.
samiswilf
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@theansweris42, I don't give free evidence or make free cases. Consider yourself lucky I commented for free.
theansweris42
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@samiswilf, Indeed I do. The Tradingview community is lucky to have a member of your extraordinary wit and technical prowess in it's midst.
therealrunner
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@theansweris42, You have used Elliot waves which i can tell by that you can't trade. Completely incorrect we will not be bullish after this "pennant" as soon as everyone thinks. The market has just had a massive bubble pop, I agree we will go lower to 3.5k-4.5k (see my chart. Or we will consolidate here). EVERY chart is based off market cycles, even the S&P 500, as that has broken its trend line since around 2008 which will not be good news for the economy, so potentially people come to bitcoin after a few months for a store of value, which would mean consolidation/accumulation now.. Baring in mind to this 7k point we have only had a 65% correction, i am reckoning this will be around 70-80% from ATH.
@MonkeyMagic, bounce go up, not bullish though. Then drop to 4.5k, which will be the bottom and then have accumulation stage. But who knows we could consolidate around here. But we are definitely not bullish and break out of a triangle like that. It would be too easy for everyone to make money
MonkeyMagic
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@therealrunner, I agree to some extent - I try to be aware of all scenarios. I think the bounce could be quite high from here, it is a long term support line after all.
I posted this 10 days ago, I'm afraid it is Elliot waves again but you may agree with it -