The Elliott wave view in Bitcoin (BTCUSD) suggests the rally from December 4, 2021 low is unfolding as a 5 waves impulse. Up from December 4 low, wave 1 ended at 49777.62 and pullback in wave 2 ended at 45478.74. Wave 3 larger is at present in progress with subdivision as one other impulse in lesser diploma. Up from wave 2, wave (i) ended at 48307.34 and pullback in wave (ii) ended at 45572.94. The crypto forex then extends larger in wave (iii) in direction of 51864.56 and dips in wave (iv) ended at 49458.85. Closing leg larger wave (v) ended at 52098.60 which accomplished wave ((i)).
Wave ((ii)) pullback is at present in progress to right cycle from December 17, 2021 low. The inner subdivision of wave ((ii)) is unfolding as a zigzag construction. Close to time period, count on wave (a) to finish quickly, then the crypto forex ought to rally in wave (b) earlier than turning decrease once more in wave (c). So far as pivot at 45507.04 low stays intact, count on wave ((ii)) dips to seek out help in 3, 7, or 11 swing for extra upside. Potential goal larger is 100% – 161.8% Fibonacci extension from December 4 low which comes at 55616 – 57985.
Bitcoin 90 Minutes Elliott Wave Chart
BTCUSD Elliott Wave Video