Greetings! Let's look at Bitcoin from the point of view of the Elliott Wave Principle and determine its perspective.
Theoretically, the fifth wave of the Primary degree is being deployed. Now the wave (4) of is unfolding. The fourth waves usually take the form of a sideways correction, so it is quite possible that wave (4) will be a flat or a triangle. Probably, only the first part of this sideways correction is developing, i.e. the wave A of (4). I know that wave (4) should not enter the territory of wave (1), so for this scenario, the key level is 13880.
On the weekly chart, I have built an Acceleration Channel by which I can indirectly determine the end of wave (4). Perhaps wave (4) will be long. I decided to consider the idea of a triangle beforehand, since there is still no clarity about the structure of the wave A of (4).
Read the free online version of the Elliott Wave Principle book here
Theoretically, the fifth wave of the Primary degree is being deployed. Now the wave (4) of is unfolding. The fourth waves usually take the form of a sideways correction, so it is quite possible that wave (4) will be a flat or a triangle. Probably, only the first part of this sideways correction is developing, i.e. the wave A of (4). I know that wave (4) should not enter the territory of wave (1), so for this scenario, the key level is 13880.
On the weekly chart, I have built an Acceleration Channel by which I can indirectly determine the end of wave (4). Perhaps wave (4) will be long. I decided to consider the idea of a triangle beforehand, since there is still no clarity about the structure of the wave A of (4).
Read the free online version of the Elliott Wave Principle book here
