Bitcoin ticker symbol: BTCUSD short-term Elliott wave view suggests that instrument is trapped in a sideways price action since August 2018 lows. Which suggests that pair can be doing a bearish triangle structure. Where lesser degree price action shows Minutte wave (b) ended at 6656.63 as a bearish triangle. Down from there, Minutte wave (c) ended at 6055.28 low and also completed Minute wave ((b)).
Up from there, a rally to 6771.82 high ended Minute wave ((c)) of a triangle. The lesser degree cycle of that bounce unfolded as a Flat where Minutte wave (a) ended at 6349.47 high. Minutte wave (b) ended at 6143.08 low and Minute wave (c) ended at 6771.82 high. Below from there, Minute wave ((d)) of a triangle remain in progress as a zigzag structure where Minutte wave (a) ended in 5 waves at 6365.34 low. Minutte wave (b) bounce ended in a lesser degree bearish triangle at 6450.30 high. And Minutte wave (c) of ((d)) remain in progress in another lesser degree 5 waves towards 6169.70-6076.18 area approximately. Afterwards, the pair is expected to do another 3 wave bounce in Minute wave ((e)) before the triangle gets matured & a thrust lower is seen provided the pivot at 6177.82 high remains intact. We don’t like buying it.
BTCUSD 1 Hour Elliott Wave Chart
