Bitcoin BTCUSD - Elliott Wave UPDATE! + Rising Wedge
Bullish scenario for Bitcoin:
- This is my current bullish Elliott Wave count and as you can see, the price action is currently extremely bullish.
- RIsing wedge is generally a bearish pattern, so there is a chance for an ending fifth Elliott wave diagonal.
- Expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio (RRR) - For more information, please check my signature below ↓
- I am not expecting the price to go above the rising wedge, it is possible, but sounds unlikely and can be just a bull trap or liquidity provider for whales.
- The volume is decreasing and this trend should continue for next month.
- If you want to see more of these ideas, hit "Like" & "Follow"!
- This is my current bullish Elliott Wave count and as you can see, the price action is currently extremely bullish.
- RIsing wedge is generally a bearish pattern, so there is a chance for an ending fifth Elliott wave diagonal.
- Expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio (RRR) - For more information, please check my signature below ↓
- I am not expecting the price to go above the rising wedge, it is possible, but sounds unlikely and can be just a bull trap or liquidity provider for whales.
- The volume is decreasing and this trend should continue for next month.
- If you want to see more of these ideas, hit "Like" & "Follow"!
Comment:
I made a second scenario for Ending 5th wave diagonal.
Comment:
In the second case, wave 3 already completed with higher high, and now we are in the wave 4 (ABC), we should expect another wave 5 to new all time high!
Comment:
Bitcoin is very bullish, i know the price is below the trendline, but in this case it doesnt matter.