wavepatterntraders

Elliott Wave Analysis of Bitcoin (BTCUSD)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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With the strength and look, I tend to favor its mostly like closing in on the end to a 3rd of 3rd wave of an impulse wave, so a nasty pullback is expected soon.

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Thanks for your reply. My wave count to June's highs is different, hence my question about a B wave Flat at the very recent high of a couple days ago. In your embedded chart above, the labels are too small to read and I'm guessing what they are from the from 900 point level upward.

Here's my count from the the lows in early 2015 to the present. I have to break them into a few charts.

Full move from 2015 to June (Wave III):



Latter portion of the move to June. In this count, wave 1 of III and wave 5 of III approach equivalence, while wave 3 extends, as would be expected:



If Wave III has completed, given that Wave II which bottomed in early 2015 and that corrected the Wave I high of 1160 in late 2013, then BTC should be in Wave IV, and by the Alternation guideline, a shallower correction than the deep Wave II is to be expected, and a Flat fits that perfectly.

Wave I



Wave II



Yielding the my current Wave IV count:


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