Hello Traders,
In this Elliott Wave analysis, we will have a look at Bitcoin in the 1-hour time.
Bitcoin ended the cycle from 05/05/18 peak at 06/24/18 low and it is currently correcting the cycle from 05/05/18 peak in 7 or 11 swings, targeting the equal legs from 06/24/18 low towards 7289.04-7529.43 areas before it can turn lower again. The cryptocurrency ended the cycle from 05/05/18 peak in blue wave (A) at the low of 06/24/18 (5757.72). The internals from blue wave (A) unfolded in 5 waves.
Up from 06/24/18 low, it ended red wave W at the peak of 07/04/18 (6790.55) and as long as the price stays above 6268.85 low, we are calling red wave X pullback at the low of 07/10/18 (6268.85) completed. Red wave X pullback took the form off an Elliott Wave flat structure, where it completed black wave ((a)) at 07/05/18 low (6449.80), black wave ((b)) at 07/07/18 peak and wave ((c)) of red wave X at 07/10/18 (6268.85) low.
As long as the pivot at 5777.15 low in our distribution system stays intact we are expecting Bitcoin to continue its correction higher to the cycle from 05/05/18 peak before turning lower again.
In this Elliott Wave analysis, we will have a look at Bitcoin in the 1-hour time.
Bitcoin ended the cycle from 05/05/18 peak at 06/24/18 low and it is currently correcting the cycle from 05/05/18 peak in 7 or 11 swings, targeting the equal legs from 06/24/18 low towards 7289.04-7529.43 areas before it can turn lower again. The cryptocurrency ended the cycle from 05/05/18 peak in blue wave (A) at the low of 06/24/18 (5757.72). The internals from blue wave (A) unfolded in 5 waves.
Up from 06/24/18 low, it ended red wave W at the peak of 07/04/18 (6790.55) and as long as the price stays above 6268.85 low, we are calling red wave X pullback at the low of 07/10/18 (6268.85) completed. Red wave X pullback took the form off an Elliott Wave flat structure, where it completed black wave ((a)) at 07/05/18 low (6449.80), black wave ((b)) at 07/07/18 peak and wave ((c)) of red wave X at 07/10/18 (6268.85) low.
As long as the pivot at 5777.15 low in our distribution system stays intact we are expecting Bitcoin to continue its correction higher to the cycle from 05/05/18 peak before turning lower again.
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