Whytek

BTCUSD: The beginning of a wave 4

Short
INDEX:BTCUSD   Bitcoin
Are we getting close to our first real correction since the beginning of the pump of September?
As you can see in the graph, I decomposed the BTCUSD in elliott waves in 5 different timeframes. Here are the details of the decomposition:
  • 1W: decomposition of 3rd wave monthly
  • 1D: decomposition of 1st wave weekly
  • 4H: decomposition of 3rd wave daily
  • 1H: decomposition of 5th wave in 4H
The end of wave (v) in 1H (with a magnificent ending diagonal, which explains why wave (iv) overlapped with wave (i)) signs the end of the wave ⓹ in 4H , which means the wave 4 in daily should happen anytime soon.
I expect a retracement of 23.6% of wave 3, which is very usual in the case of the BTC, reaching the support at 34,000 USD.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.