ASA2001

BITCOIN long due to overthrown 5th wave

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I have recently started with my elliott wave theory understanding so correct any mistakes that I have made(if there are any😅). I know that the labelling of waves (subdivision of waves : 1 (1) 1️⃣ etc) is not correct but it shouldn’t really matter. From my analysis i see that the 5th wave has clearly over thrown past the trendline of the the triangle, indicating a strong upside potential. As this upside wave would be the 5th wave of the 5 wave cycle, I do not expect it to be long, as following the rules of Elliott Wave , wave 3 cannot be the shortest. I see an upside of $47.5k-$52.5k. Thank you for reading and would love to hear opinions