Short Term Elliott Wave structure for Bitcoin (BTCUSD) suggests pullback to 47204.57 ended wave IV. Wave V is currently in progress with internal subdivision as a 5 waves impulse Elliott Wave structure. The crypto currency still needs to break above the previous peak (wave III) on April 14 at 64895.22 to avoid a double correction.
Up from wave IV, wave (1) ended at 65000 and pullback in wave (2) ended at 52379.9. The crypto currency has resumed higher in wave (3) towards 58549 and dips in wave (4) ended at 56064.51. Final leg higher wave (5) ended at 59000 and this completed wave ((1)) of V in higher degree. Wave ((2)) pullback is now in progress to correct cycle from April 25 low as a zigzag structure before the rally resumes.
Down from wave ((1)), wave (A) ended at 52924.50 and wave (B) bounce ended at 58420.83. Wave (C) of ((2)) is in progress and can see support at 100% – 161.8% Fibonacci extension of wave (A) at 48674 – 52378 area. From this area, support should be seen for more upside or 3 waves bounce at least. As far as pivot at 47204.57 low stays intact, expect dips to find support in 3 swing for further upside.
