Some of possible scenarios for Bitcoin

#BTCUSDT #Binance #Daily #Tommy
- Assuming that the high formed at 42K on Jan 9th of 2021 is the blue impulsive wave 3, these are some of the Elliott wave countings that I am personally in consideration.
- The counting at the upper left is one of my primary scenarios that Bitcoin is going through. I denoted the upward impulsive wave at 29K~66K as an ending diagonal wave 5 along with the downward corrective wave after most likely being the wave A.
- Observing the wave structures located at the top, I could also suspect the 66K high as the expanded flat wave B (upper right) and the following correction afterwards would then become a WXY correction where wave failure has occurred. The reason I included this scenario is that the wave structure at 50K~66K seems more like a 5-3-5, rather then 5-3-5-3-5 zigzag.
- The bottom left one is where I viewed the high at 60K as truncated wave 5. Similar to the second scenario, the bearish price momentum that reached 30K then can be interpreted as wave A. I am not putting so much weight on this one since the yellow wave 3 within the blue wave 5 seems a bit obscure.
- Lastly, the wave counting at bottom right is one of my most bullish scenarios where the downward waves after the 60K high are considered as the ABC corrective waves. This means that the correction are done and thus the new impulsive wave cycle is starting.