BTC, Elliot wave bart down or pattern measured move to 10K?
I am having a hard time analyzing the recent price action. At first hand, BTC did a perfect break out from a symmetrical triangle with a retest of the triangle. This pattern is very bullish, we must expect a rise to around 10K, the measured move of the triangle breakout.
However, the breakout has been very sluggish and not what would be expected, the last triangle breakout was explosive. And now we see price racking up multiple bearish divergences up to the daily and with volume declining. And if we do an Elliot wave analysis we see that price completed a perfect 5 wave structure and corrected in a perfect double three pattern. The circled wave can be wave 1 and 2 of a downward 5 wave structure with an 3.186 extension at 7880 confluent with the rising channel support.
Which analysis will triumph, chart patterns vs. Elliot wave? It remains to be seen.
However, the breakout has been very sluggish and not what would be expected, the last triangle breakout was explosive. And now we see price racking up multiple bearish divergences up to the daily and with volume declining. And if we do an Elliot wave analysis we see that price completed a perfect 5 wave structure and corrected in a perfect double three pattern. The circled wave can be wave 1 and 2 of a downward 5 wave structure with an 3.186 extension at 7880 confluent with the rising channel support.
Which analysis will triumph, chart patterns vs. Elliot wave? It remains to be seen.
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And the answer is... patterns trump Elliot Waves.
