GBTC is not trading during weekends, therefore the structure and eliott wave count is totally different compared to other bitcoin charts. And right now, this chart is the most bearish of all other bitcoin charts out there.
I am seeing 5-wavish leading diagonal - leading diagonals have shapes of falling wedges and they are the FIRST waves in cycles - all cycles are 3-wavish or 5-wavish. So what does it mean ? It means, that we should see the 2nd wave (or B wave) right now - this 2nd or B wave should be finished somewhere in those 2 purple boxes. After 2nd wave is finished, we should see the 3rd wave - this wave will be to the downside, taking us back down to 20 or so.
Price is also below 21 daily MA, which is not very good for bulls.
I am seeing 5-wavish leading diagonal - leading diagonals have shapes of falling wedges and they are the FIRST waves in cycles - all cycles are 3-wavish or 5-wavish. So what does it mean ? It means, that we should see the 2nd wave (or B wave) right now - this 2nd or B wave should be finished somewhere in those 2 purple boxes. After 2nd wave is finished, we should see the 3rd wave - this wave will be to the downside, taking us back down to 20 or so.
Price is also below 21 daily MA, which is not very good for bulls.