In this short video, I explain the complex Triple Three Elliott wave pattern identified on the hourly chart on Bitcoin.
Based on the identification of the second wave X at $110,600 my most probably expectation is the completion of wave Z which will take the corrective form of an A-B-C pattern to an intended target below $98,225.
The alternative scenario is that the corrective wave ended at wave Y and the depicted Y-X wave is an impulse wave 1 and were likely on wave 2 to continue to a wave 3 which will break into a new all time high above $125,000.
Currently, I am personally in favor of the completion of wave Z as wave Y-X could not break above the MAJOR Resistance at $112,000.
Based on the identification of the second wave X at $110,600 my most probably expectation is the completion of wave Z which will take the corrective form of an A-B-C pattern to an intended target below $98,225.
The alternative scenario is that the corrective wave ended at wave Y and the depicted Y-X wave is an impulse wave 1 and were likely on wave 2 to continue to a wave 3 which will break into a new all time high above $125,000.
Currently, I am personally in favor of the completion of wave Z as wave Y-X could not break above the MAJOR Resistance at $112,000.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.