Hi Traders,
I have been bullish in my last few Bitcoin Elliott Wave analysis I published here. However, I'm having an alternative bearish view due to the recent price action.
The rally from $28798 low seems to be unfolding as a double zigzag correction. The first zigzag is completed and the second is in the making with its circled wave b unfolding as a triangle. I'm expecting a rally higher to complete the wave (y) zigzag before any reversal.
As long as the expected rally stays below black wave 4 high, black wave 5 will consider incomplete and might be unfolding as an ending diagonal.
Price should extend lower with series of overlapping wave till it trades below the pink wave (i) @ $28798.
What's your view on Bitcoin? Kindly let me know in the comment!
Thanks.
I have been bullish in my last few Bitcoin Elliott Wave analysis I published here. However, I'm having an alternative bearish view due to the recent price action.
The rally from $28798 low seems to be unfolding as a double zigzag correction. The first zigzag is completed and the second is in the making with its circled wave b unfolding as a triangle. I'm expecting a rally higher to complete the wave (y) zigzag before any reversal.
As long as the expected rally stays below black wave 4 high, black wave 5 will consider incomplete and might be unfolding as an ending diagonal.
Price should extend lower with series of overlapping wave till it trades below the pink wave (i) @ $28798.
What's your view on Bitcoin? Kindly let me know in the comment!
Thanks.
