It appears that Bitcoin has completed a five wave impulse and now is correcting. Bitcoin is forming a falling wedge in the shape of a ABCDE correction. I think it is a ABCDE correction because each subwave of the ABCDE correction has a ABC pattern.
Another count would be WXY correction. However, this NOT an ABC Zig Zag correction as many analyst believe. Wave A does not have 5 impulse waves. One of the popular counts shown below has wave 3 as the shortest wave. According to Elliott Wave rules wave 3 is NEVER the shortest. No exceptions what-so-ever.
If we look at longer time frames, we see that Bitcoin is not out of the woods yet. The ABCDE correction could be Wave A of a ABC correction. Also, Bitcoin could still have a failed impulse. Bitcoin is still in the downwards parallel channel. If Bitcoin breaks out of the it, then we finally say a uptrend has started.
Another count would be WXY correction. However, this NOT an ABC Zig Zag correction as many analyst believe. Wave A does not have 5 impulse waves. One of the popular counts shown below has wave 3 as the shortest wave. According to Elliott Wave rules wave 3 is NEVER the shortest. No exceptions what-so-ever.
If we look at longer time frames, we see that Bitcoin is not out of the woods yet. The ABCDE correction could be Wave A of a ABC correction. Also, Bitcoin could still have a failed impulse. Bitcoin is still in the downwards parallel channel. If Bitcoin breaks out of the it, then we finally say a uptrend has started.
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