I show BTC has forming a 1-2 1-2 wave pattern so far. This would be a very bullish scenario.
Also bullish, is that that 50 day is about to intersect the 200 day MA for a golden cross.
I traced over my 200 and 50 day MA on a daily chart so that the lines would stay in place when I switched to hourly.
The leading diagonal is a 5-3-5-3-5 type.
The last red wave 5 of the diagonal is truncated, as traders front ran it. (Sold early)
For Elliott people, the last red wave 5 has a blue wave 3 that is barely longer than blue wave 1, plus a small blue 5. Makes sense as it is a truncated wave.
For the heck of it, using the info so far, I also I created a rough road map of where BTC could top at in the chart below.
Also bullish, is that that 50 day is about to intersect the 200 day MA for a golden cross.
I traced over my 200 and 50 day MA on a daily chart so that the lines would stay in place when I switched to hourly.
The leading diagonal is a 5-3-5-3-5 type.
The last red wave 5 of the diagonal is truncated, as traders front ran it. (Sold early)
For Elliott people, the last red wave 5 has a blue wave 3 that is barely longer than blue wave 1, plus a small blue 5. Makes sense as it is a truncated wave.
For the heck of it, using the info so far, I also I created a rough road map of where BTC could top at in the chart below.
Comment:
Here is a rough road map of BTC to the top. It puts the top in the same ball park as the well known historical 2011 to 2021 curve trend of BTC.
Comment:
I corrected a triangle in subwave 2 of my red 5. I changed it to a wxyxz as triangles can't be in a wave 2.
I've been told that wave 1 cannot be the longest for an expanding diagonal, so the whole chart might be trash. Sorry.
I've been told that wave 1 cannot be the longest for an expanding diagonal, so the whole chart might be trash. Sorry.