The two contracting triangles marked in the chart are typical 4th wave Elliott Wave structures that imply a sharp rally from the low of the "e" wave.
The height of the rally is often equal to the height of the left side of the triangle. This would imply a rally to about $12500 in the next day or two.
If such a rally occurs, it would be an Elliott Wave fifth wave to complete the move up from the 5800 low and implies Bitcoin would then correct that move, so from a projected $12500 top
the decline would likely make a low somewhere between $5800 and $10000 with prior tops in that range being pinpoint targets.
The height of the rally is often equal to the height of the left side of the triangle. This would imply a rally to about $12500 in the next day or two.
If such a rally occurs, it would be an Elliott Wave fifth wave to complete the move up from the 5800 low and implies Bitcoin would then correct that move, so from a projected $12500 top
the decline would likely make a low somewhere between $5800 and $10000 with prior tops in that range being pinpoint targets.
Comment:
We got the rally off the apex of the triangle but I don't think it will make it to $12500 - seems like the rally is very similar in form to the rally off the previous larger triangle apex and if that's the case we may stall at the $11880 high and put in a double top.
Comment:
Looks like the rally is near complete at $12398, maybe another small fifth wave up for another few $. If the rally does correct here, it has potential to be a significant decline below $10000.
Comment:
Appears the final wave 5 is going higher than the 12500 projection, but it's now forming yet another wave 4 triangle in the $12300 to $12900 range. So the normal projection is a rally of 12900-12300 = 600 points from the wave E low expected near 12600, so a possible top is projected at 12600+600 = 13200.
