Bitcoin Multi 1,2 Elliott Wave Cycle Analysis: Wave 2 Decryption Shown on the chart is BTCUSD:BITSTAMP on the Weekly Timeframe. This is a breakdown of the Multi 1,2 Elliott Wave Scenario plotted on the chart. This is by far my most bullish scenario for Bitcoin, as we haven't even reached the main wave 3 thrust up, i know its hard to fathom BTC over 1 million dollars, but this is one way to get us beyond that.
Historically the 1,2 pattern has mimicked past 1,2 fractals, usually returning smaller gains and retracements compared to its past 1,2 structure. This is only a guideline for the 1,2 pattern and not a hard rule, although BTC has maintained the right look for this Multi 1,2 Structure throughout its cycle. We are already on the 4th 1,2 pattern continuing the bullish movement to the upside. I have this degree of trend as the final 1,2 before the wave 3 thrust up. Probabilities get lower the more 1,2s we build leading to the 3rd of 3rd of 3rd of 3rd wave thrust, this is already a dream scenario on the Weekly Timeframe, not often do we see these "Rare Unicorn" patterns play out on a HTF, but more often on <15 min TF the rare pokemon are spotted more frequently.
I have highlighted my preferred buy area for the coming wave 2 pullback. The 2nd waves have reached higher fib ratios while still remaining smaller than the previous 1,2 ratios, showing the right look between impulsive and corrective structures thus far. Considering this, wave 2 could surprise us all (MMs known for this) and retrace to the .618 - .66 Golden Pocket area, while still remaining smaller than its past 1,2 fractal. I hope someone finds this useful or at least interesting! Happy Trading
