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?
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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.
I agree. I think there will be a test of the above resistance then a correction towards your target.
Crypto-Swing
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@OnlyProfits888, It is possible there could be an ABCDE movement in the Triangle, with another bounce off support and then another fail at resistance. Well spotted!