Firstly I'll apologize for being inactive these few weeks, I hope you all have had a great month, December wasn't too bad. Welcome back to another Bitcoin analysis. I wanted to take a different approach from all the other Elliot waves that other great analysts have made by thinking that maybe it wasn't a classic ABC; maybe more of a truncated C. Doing this I remembered the triangle we have had forming over the past few months and guessed it was maybe an ABCDE, but the only way this would work would be with an XYZ which I have indicated (sorry for the messy waves). Then we had a nice 12345 wave structure down recently (November- December) which may be a part of a larger formation all the way down to 1800. AT 1800 we have major support from the 2017 bull market and by placing fib levels there, we notice something more special. The .786 aligns up clearly with the 6000 support level bitcoin had all year, a coincidence? I don't believe so. This may not be the bottom, but a potential temporary bottom formed off of major levels of confluence. As always, I wish you the best of luck trading.
-Trader A
-Trader A