The corrective pattern on BTCUSD seems to be completed as a double three (w)-(x)-(y)-(x)-(z) pattern after which it follows by a rally that broke out of the corrective structure channel. The structure of the rally looks like a five-wave impulse, it's labeled it (i)-(5). The impulse wave set the direction of the trend.
According to Elliot Wave theory, a three-wave correction in the other direction follows every impulse. For Bitcoin, this means we can expect a three-wave correction from or near the current level. The anticipated retracement has the potential to retrace 50%-78.6% of the recent rally.
Bottom Line
On the bright side, once the retracement is finished, the 5-3 wave cycle would be complete. A reversal for the beginning of the next bull leg should then occur in that area. The bullish scenario remains valid as long as the invalidation level at $6483 is not breached.
What's your view on Bitcoin?
According to Elliot Wave theory, a three-wave correction in the other direction follows every impulse. For Bitcoin, this means we can expect a three-wave correction from or near the current level. The anticipated retracement has the potential to retrace 50%-78.6% of the recent rally.
Bottom Line
On the bright side, once the retracement is finished, the 5-3 wave cycle would be complete. A reversal for the beginning of the next bull leg should then occur in that area. The bullish scenario remains valid as long as the invalidation level at $6483 is not breached.
What's your view on Bitcoin?
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.