"R.N Elliott noted that a parallel trend channel typically marks the upper and lower boundaries of an impulse wave, often with dramatic precision. You should draw one as early as possible to assist in determining wave targets and provide clues to the future developments of trends" Elliott wave Principal by Frost & Prechter.
Elliott Wave practitioners draw parallel trend channels to help identify fifth wave targets which is usually when the fifth wave touches the upper boundary line of the trend channel. If that's the case, the fifth wave target for Bitcoin should be in the $400,000.00 area. If the channel is valid Bitcoin should stay supported by the lower boundary of the channel and continue higher to reach the upper boundary line.
Elliott Wave practitioners draw parallel trend channels to help identify fifth wave targets which is usually when the fifth wave touches the upper boundary line of the trend channel. If that's the case, the fifth wave target for Bitcoin should be in the $400,000.00 area. If the channel is valid Bitcoin should stay supported by the lower boundary of the channel and continue higher to reach the upper boundary line.