Today I present you with my alternative count today for Bitcoin. My main count includes BTC in an ABCDE triangle.
Here I have Bitcoin in an ABC flat after forming an X wave (so we are in an extended correction). The flat is a 3-3-5 Wave pattern. The first two Waves are in, and we will now be coming down for the final 5 Wave structure. My personal invalidation point on this setup is a break above $4210, as I would count the whole structure so far(from December to now) as AB and we are going upwards in price to finish the Wave C, which we would be in at the moment. Although in my chart above I have it labeled as a flat I also have the same chart as an ABC zig-zag (but the retracement for B is very high). If price does break upwards from $4310 I will take a stop from my main count, and concentrate on another alternative count I have.
Either way if we move down or up one can make money scalping this, which is something I will be doing, but I am in a swing trade short which i will add to as we move up on Wave C of the 2nd.
Hope you have enjoyed this Elliott Wave analysis and I will share my main count with you all over on Youtube.
Thank you.
Daniel
Here I have Bitcoin in an ABC flat after forming an X wave (so we are in an extended correction). The flat is a 3-3-5 Wave pattern. The first two Waves are in, and we will now be coming down for the final 5 Wave structure. My personal invalidation point on this setup is a break above $4210, as I would count the whole structure so far(from December to now) as AB and we are going upwards in price to finish the Wave C, which we would be in at the moment. Although in my chart above I have it labeled as a flat I also have the same chart as an ABC zig-zag (but the retracement for B is very high). If price does break upwards from $4310 I will take a stop from my main count, and concentrate on another alternative count I have.
Either way if we move down or up one can make money scalping this, which is something I will be doing, but I am in a swing trade short which i will add to as we move up on Wave C of the 2nd.
Hope you have enjoyed this Elliott Wave analysis and I will share my main count with you all over on Youtube.
Thank you.
Daniel