Short term view in Bitcoin (BTCUSD) from November 21, 2022 low is in progress as a 5 waves impulse with extension (nesting). Up from November 21, 2022 low, wave (1) ended at 25270 and dips in wave (2) ended at 19569 as the chart below shows. The crypto-currency has extended higher in wave (3) with internal subdivision as a 5 waves impulse. Up from wave (2), wave ((i)) ended at 26533 and pullback in wave ((ii)) ended at 23940. Bitcoin has extended higher in wave ((iii)) towards 29380, pullback in wave ((iv)) ended at 27833. Final leg wave ((v)) ended at 31035 which completed wave 1.
Pullback in wave 2 ended at 24756 with internal subdivision as a double three Elliott Wave structure. Down from wave 1, wave (a) ended at 26981, wave (b) ended at 29851, and wave (c) ended at 25800. This completed wave ((w)) in higher degree. Wave ((x)) rally ended at 28452 with internal subdivision as a zigzag. Up from wave ((w)), wave (a) ended at 27666, pullback in wave (b) ended at 25878, and wave (c) ended at 28452. This completed wave ((x)) in higher degree. The crypto currency extends lower in wave ((y)) with internal subdivision as a double three. Down from wave ((x)), wave (w) ended at 25350, wave (x) ended at 27388, and wave (y) ended at 24756. Near term, as far as pivot at 19553 low stays intact, expect Bitcoin to extend higher.
