Bitcoin might have just completed an ABC correction in the form of a rising wedge. Wave A is a leading diagonal in the shape of a rising wedge, so subwaves 4 and 1 can overlap. Wave C seems to be truncated and is a 0.5 Extension of Wave A.
The RSI is showing strong resistance at 70 and the MACD is showing bearish divergence on the histogram.
The alternate wave count is that Bitcoin have just started wave 3. Wave C is the first subwave of wave 3.
The RSI is showing strong resistance at 70 and the MACD is showing bearish divergence on the histogram.
The alternate wave count is that Bitcoin have just started wave 3. Wave C is the first subwave of wave 3.
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Another possibility
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That means we have to take Elliott Wave analysis with a grain of salt since Elliott Wave Theory is based on crowd sentiment and not whale or individual sentiment.
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steemit.com/bitcoin/@philakonecrypto/lesson-20-advanced-elliot-wave-wxy-with-feb-11-technical-analysissteemit.com/btc/@ew-and-patterns/btc-update-11-02-18
Check out what some other analysts say.
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Another possibility... If the price breaks the upper resistance line, this count is invalid.
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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.