From 26th June 2019 the BTC appear to have declined in a leading diagonal Wave (a) with low on 23rd October 2019. Since then it could be forming a Running Flat (which are normally 5,3,5 or 3-3-5 structure) where wave “c” fails to retest the high of wave “a”. This is a bearish structure as it suggests the the price lacks the momentum to make normal zigzag correction.
In addition, the wave “c” in this case appears to be a rising wedge with minor wave structure (3-3-3-3-3) having retraced just above 61.8% of wave “b” and has potential resistance from declining channel line and horizontal structure in proximity.
Once this is complete, it would decline in 5 waves. If Wave (a) = Wave (c) by percentage decline, then the downside target could be around 4,3000.
Invalidation of the above would be significant price rise above 9,250
Caution: This is my interpretation of price action using TA approach that I consider helps me the most, but could be completely wrong. Therefore, as always, do your own analysis for your trade requirement and ignore my views.
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DanV
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UPDATE: 17th February 2020 When the chart was published I was anticipating a running flat where wave “c” do not rise above the peak from where wave “a” commences.
However, now that we have new above the origin of wave “a” it become expanded flat but wave “c” commenced with 3-3-3-3-3 structure. Wave “iv” of “c” from 25th Jan low, appears to be a leading diagonal. Therefore another drive higher is needed to complete. This could be very violent thrust up, possibly into 11k area and form a spike reversal.
Equally, if the move up from 25th Jan low is not a leading diagonal then it is likely that we have cycle completion and top is formed.
In either case a confirmation would be clear break of the rising trendline. Should it break out strong above 11k then my interpretation of this being a flat correction would be invalidated.
How are you Dan? Bulls eye on the March bottom, gratz! How you see actual situation? Thank you for your view, looking forward to see your charts more often.
DanV
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@relaxmax, Thank you. Overall wave counts might need to be reviewed. Obviously currently we are in retracement bounce and it might be a triple zigzag ie wxyxz that suggest upon completion another leg lower to follow. There are some time symmetry projection around 10th May where a low or high could form. Not sure exactly how that lines up with Halving. here is a the chart
UnknownUnicorn2976747
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Almost 200 ideas, but you still don’t know how to build Elliott waves ;(
DanV
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@cybear, Thank you for your kind observation. Much obliged. Glad you do and expect you to clean the out any profit available. Enjoy
cryptodaddy
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Damn DanV is the oracle of cryptocurrency lol months in advance! Just saw this