After having posted my previous Complete Elliott Wave Analysis on BTCUSD , I now focus on smaller timeframes (e.g. H1), where a Contracting Ending Diagonal Pattern is being formed on smaller Market Cycles. Potential Targets for the end of wave iii of the Microcycle amount to $18,066.35 (50.0%), followed by $17,630.99 (61.8%) and 17,087.74 (78.6%), as well. Although, among these, the level of 61.8% Fibonacci Retracement seems as the most probable. Afterwards, the wave v of the Microcycle is expected to begin and normally has to end beyond the end of the corresponding wave iii. This i-to-v Contracting Ending Diagonal Pattern is expected to point out the end of the current rally to the ATH and signal the begining of the Bear Market. At the same time the start of the indermediate corrective wave (Y) to the downside is expected to occur. In Addition, a Lower Low is anticipated to be formed. Moreover, in Monthly Timeframe we had the close of a big bullish "Termination Candle". All in all, Market's behaviour seems to be in accordance to our analysis.
Comment:
The 61.8% Fib target for the end of wave iv of the Subminuette Cycle was successfully met by the Market, which is now moving into the corresponding wave v, for the Corrective Ending Diagonal Pattern to be completed.
