Hi friends,
BTC looks like a classic triangle consolidation pattern in the fourth wave to get ready for the fifth wave up to to the 11600 resistance. Traditional Elliott waves calls for 5 waves (ABCDE) in a triangle but with crypto, sometimes wave E is omitted due to FOMO so we might not see wave E materialize
Confirmation is above 9500.
If we head below 8800, the triangle might turn into an ABC zig zag with a target at support around 8400.
Either way, 11600 is in the near future with the former scenario more likely unless invalidated.
*For education purpose only, not advice to buy, sell, or hold*
Kinashi-San
BTC looks like a classic triangle consolidation pattern in the fourth wave to get ready for the fifth wave up to to the 11600 resistance. Traditional Elliott waves calls for 5 waves (ABCDE) in a triangle but with crypto, sometimes wave E is omitted due to FOMO so we might not see wave E materialize
Confirmation is above 9500.
If we head below 8800, the triangle might turn into an ABC zig zag with a target at support around 8400.
Either way, 11600 is in the near future with the former scenario more likely unless invalidated.
*For education purpose only, not advice to buy, sell, or hold*
Kinashi-San
Comment:
No E wave as expected. Will likely see 9400 one last time for the push towards 11600 resistance by next week.
Comment:
BTC target still within sight with some RSI resistance. First target at 10990 for the end of third wave, then on to 11600
Comment:
The saga continues as we expect the third wave (3) to terminate near the 200 day MA with a sharp (4) retracing to at least 9600 for the final wave (5) push towards 10600. Stay tuned!