Using Elliott Wave Theory as our guide, the minimum waves are in place to suggest Bitcoin is about to take on a nice rally.
The decline from the April 13 high down to today's low fits really nicely as an (a)-(b)-(c) zigzag.
Wave (b) of the zigzag was a triangle pattern.
Wave (c) was equal in length to wave (a) of the zigzag, a common wave relationship.
If this is the pattern at play, then today's low of $25,810 low would hold and a rally up to $27,648 is highly likely. Further rally potential to
29K
and even new highs above
31K
are possible.
The decline from the April 13 high down to today's low fits really nicely as an (a)-(b)-(c) zigzag.
Wave (b) of the zigzag was a triangle pattern.
Wave (c) was equal in length to wave (a) of the zigzag, a common wave relationship.
If this is the pattern at play, then today's low of $25,810 low would hold and a rally up to $27,648 is highly likely. Further rally potential to
29K
and even new highs above
31K
are possible.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress