The Elliott wave pattern for BTCUSD even down the 15 min scale is very clear.
Sub Minutette wave "b" of a supposed Minuette wave ( ii ) appears to have taken the form of an Elliott wave Horizontal Triangle. After the termination of this
pattern there is a post triangle trust. The thrust is usually the length of the widest part of the Triangle. In this case its Micro wave "a" - boxed is the longest at 245.30 points.
The termination point of the Triangle is the peak of wave "e" at 7348.50 - 245.30 = 7103.20. The bottom so far is 7108.20 a near bulls eye!
The 15 minute RSI has a bullish divergence and the MACD has a bullish cross over.
The main weakness with the case that a bottom is in place is that so far BTCUSD has so for not reached the .618 retracement area which is normally the retracement zone for waves two's.
The wave pattern implies a bottom could already be in place - start going long.
A move below 6527.20 could be very bearish.
Mark
Sub Minutette wave "b" of a supposed Minuette wave ( ii ) appears to have taken the form of an Elliott wave Horizontal Triangle. After the termination of this
pattern there is a post triangle trust. The thrust is usually the length of the widest part of the Triangle. In this case its Micro wave "a" - boxed is the longest at 245.30 points.
The termination point of the Triangle is the peak of wave "e" at 7348.50 - 245.30 = 7103.20. The bottom so far is 7108.20 a near bulls eye!
The 15 minute RSI has a bullish divergence and the MACD has a bullish cross over.
The main weakness with the case that a bottom is in place is that so far BTCUSD has so for not reached the .618 retracement area which is normally the retracement zone for waves two's.
The wave pattern implies a bottom could already be in place - start going long.
A move below 6527.20 could be very bearish.
Mark