BTC Big Move Coming Soon! Detailed Elliot Wave Count

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We all know BTC is in the symmetrical triangle since late June this year. Where are we going next? Which wave are we on in the triangle?

We believe the next major BTC movement is coming soon with an upward bias. Symmetrical triangles generally form as the 4th Impulsive Wave, which is followed by another wave
in the same general direction. Detailed wave counts and entry zones are listed in the chart above.

Let us know if you have any questions or comments. If you like our idea, please click the like button or follow us!
Comment: The current action could potentially indicates we are still in the A leg of the final triangle wave. We are waiting for the following conditions to get into the potential final move:

1. Price hitting triangle support zone marked above
2. 1HR "Take Profit" Signal in the bear trend or 1HR long entry signal or 1HR clear RSI oversold bullish divergence (under 30, and around 9 candles.)
3. A clear 5 wave structure going downwards. Even though corrective waves are hard to count, all C-waves have a clear 5 wave structure.

In the mean time, we are scalping longs in alt coins as they currently have bigger upward momentum compared to BTC.

Let us know if you have any questions or comments. We are here to help!
Comment: Our first laddering zone at 10k already got hit. However, we are taking profit here and waiting for the lower laddering zones to get hit. This is because the conditions in the last comment have not been fulfilled yet.
Comment: Where is the exact laddering zone? See the post below.
Message for indicator access.
Good luck & let's make $$$ together.


We are only at D heading there now but you have it at E already hit.
Phi-Deltalytics xfallensaintx
@xfallensaintx, do you have a chart detailing your idea? Would love to hear your thoughts in detail.
Why are you convinced that at the end of the triangle its going to pump and not dump?
Phi-Deltalytics confirmationbias
@confirmationbias, we think it is more likely to pump than dump because this triangle looks like wave 4 to us. However, we never believe a scenario will happen for sure, so we always have stop loss in place. For BTCUSD, the only way we can make sense of the dump scenario is we've finished a truncated 5th wave around July 10th, and are now in the B wave of a zigzag correction. That being said, we are still leaning toward the pump scenario. Let us know if you have any other questions or comments.
Perfecto !
I have heard that the Triangle described as being Descending (bearish)
@dxmufasa, You are definitely right. Honestly, this 2-month consolidation could be described as both. To us, the significance of a triangle pattern is what type of action (bullish/bearish) precedes the triangle. Since triangle patterns are most likely market consolidation phases, they are generally followed by the same directional movement that proceeds the triangle formation. We would generally accumulate longs in the triangle support zone in a bull trend, and accumulate shorts in the triangle resistance zone in a bear trend. As for the shapes of the triangle, we normally use them to tweak position sizes. For instance, if the triangle mentioned above is an ascending triangle, we would have a bigger position set up in the mentioned entry zone compared to the current orders.
+2 Reply
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