A slightly different view on this count >
Another idea that 5 waves was already completed in a larger degree wave 1 and now in a larger degree correction for wave 2 to possibly the 0.618 level; moving back above $53,000 from here could take us to new All Time High and beyond...
Follow up on this earlier count on Bitcoin >
Possibly in wave 4 now with wave 5 to follow.
However the high at $53,000 could potentially be the end of a C wave and if price drops below $35,500 this will invalidate the 5 wave count and confirm the ABC correction, in my opinion.
Thinking BTC might be due a pull back as there is bearish divergence on RSI and the MACD is on the verge of turning bearish.
EMA 50 and the 0.382 level are at $40,000, possible pull back area before BTC goes on to make another high.
Idea on BTC that currently wave 4 is underway to around the .382 level before a 5th and final wave towards $42,000.
The alternative is that wave 4 is already complete where price touched the .236 level at $38,800...in that case wave 5 is already developing >
A couple of ideas in one chart on BTC that are linked to this idea >
Scenario 1: Either ABC is completed at the recent low and a new impulse is emerging to new All Time Highs.
Scenario 2: The ABC to recent lows is just wave W of a more complex WXY that could end in the $20-$25,000 range...
BNB looks to be creating a symmetrical triangle that could be part of wave 4, wave 5 then up to either 0.382, 0.5 or 0.618 extension...if price drops below $338 it would invalidate this idea (wave 4 crossing wave 1)
An idea on BNB that an ABC correction has been completed at the $210 lows and an impulsive move upwards is emerging.
Daily TSI is already bullish and MACD is looking to follow.
An alternative is a WXY correction is underway.
A simple Elliott Wave theory and the alternation between wave 2 and wave 4 corrections.
My interpretation of the long corrective waves in the early stages of Bitcoins rise and the sharp corrections we are seeing now.