Short Term view of Bitcoin (BTCUSD) suggests that cycle from 9.11.2023 low is in progress as an impulse Elliott Wave structure. Up from 9.11.2023 low, wave 1 ended at 27493.1 and pullback in wave 2 ended at 25994.2. The crypto currency then extended higher again in wave 3. Up from wave 2, wave ((i)) at 28582.4 and pullback in wave ((ii)) ended at 26526.78 as the 90 minutes chart below shows. The crypto-currency has extended higher in wave ((iii)).
Up from wave ((ii)), wave i ended at 27113.3 and dips in wave ii ended at 26825.8. Bitcoin then extended higher in wave iii towards 27972.8 and dips in wave iv ended at 27680.1. Final leg wave v ended at 39377,3 which completed wave (i). Pullback in wave (ii) ended at 28042.70. Bitcoin then extended higher again in wave (iii). Up from wave (ii), wave i ended at 30335.7 and wave ii ended at 29669.50. Wave iii higher ended at 35150 and pullback in wave iv ended at 32671.30. Final leg wave v ended at 35152 which completed wave (iii). Pullback in wave (iv) ended at 33250. Near term, expect Bitcoin to extend 1 more leg to end wave (v) of ((iii)), then it should pullback in wave ((iv)) and turns higher again. Near term, as far as pivot at 26526.78 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
