BTCUSD Bitcoin Technical Analysis on Elliott Wave

I have recently updated my wave. Previously, I thought that the 1st wave had ended at Feb. 21st and the 3rd wave had started at Feb 26th. However, now I think the 1st wave is still on progress and my primary wave analysis is my alternative.

That spot I thought was end of the 1st wave should be end of the 3rd smaller wave of the 1st wave. This seems more reasonable since the wave I previously thought as the smaller 3rd wave is not impulsive enough to be considered as 3rd wave. If it really was a 3rd wave, I kind of presume that it should be at much higher price range by now. Thus I would rather consider it as the 5th wave which is still going on currently.

The target prediction price was deducted so that the 5th wave is smaller than the 3rd wave and the 5th wave is expected to reach 1.618 level of the 0-->1-->2 Fibonacci extension. Also, since 3rd wave is less than 1.618 of the 1st wave, according to the Elliott Wave Theory, 5th wave should be projected at least 0.618 of the length of wave 0 to wave 3.