My Elliott wave analysis on my previous post let me to believe that Bitcoin will have a final leg down that could potentially bottom at $23K. However, I want to propose an alternative to the bearish scenario, namely a ‘bullish’ symmetrical triangle (top declining, bottom rising)
By making a slight adjustment to the ending of the 5th (intermediate subwave of primary wave 3) motive wave—preceded by a contracting ending diagonal, we can set the stage for a clear symmetrical triangle as our primary wave 4 in the direction of the main trend at the next higher degree. That final motive wave ‘normally’ makes a swift and sharp post-triangle thrust.
What further strengthens this scenario, is the weakening momentum of the MACD. Having drawn trendlines on the two-line MACD, you can clearly see that the trendlines are converging. A MACD crossover in conjunction with, a violation of this trendline will signify the start of a bullish change in the market.
What are your thoughts? Any feedback would be much appreciated.
-If you agree with this, like and share.
Cheers.
By making a slight adjustment to the ending of the 5th (intermediate subwave of primary wave 3) motive wave—preceded by a contracting ending diagonal, we can set the stage for a clear symmetrical triangle as our primary wave 4 in the direction of the main trend at the next higher degree. That final motive wave ‘normally’ makes a swift and sharp post-triangle thrust.
What further strengthens this scenario, is the weakening momentum of the MACD. Having drawn trendlines on the two-line MACD, you can clearly see that the trendlines are converging. A MACD crossover in conjunction with, a violation of this trendline will signify the start of a bullish change in the market.
What are your thoughts? Any feedback would be much appreciated.
-If you agree with this, like and share.
Cheers.
