Bitcoin - The consolidation

In this study, I take a close look at the Elliot Wave structure of the movement since March 10 to make sense of this crazy consolidation we have been witnessing since March 23, in the 4-hr chart, refining the wave count of the previous study.

Currently sitting on the weekly pivot of $28k, I see a corrective wave structure that has developed, that not only includes two successive symmetric triangle formations, but both being part of a complex irregular Double Three (WXY) correction with a price target of c. $24k. Approximately a $14% correction from the current price.

A break below the bottom of the triangle support line could be the trigger for a deeper drop. A confirmed break above the upper resistance line of the triangle will invalidate this scenario.

What do you think? Will we see a breakdown towards $24k, or a continuation of the rally up over $30k?

Comment:

Here I update the study with the current wave count, identifying the corrective structure as a complex Double Three (WXY) correction, including a Triple Three (WXYXZ) of lower degree (sub-wave) making up the final leg (Z). In this context, we can make sense of the new Triangle formation being but a manifestation of a sub-sub-Wave B. Yeah, its complex. In the end, I still see BTC make this correction down to the weekly S1 pivot and possibly the S2, before continuing on its recovery rally.

What do you think?

Comment:

Yeah, I meant S2 and S3.