The Elliott wave view in Bitcoin (BTCUSD) suggests the rally from December 4, 2021 low is unfolding as a 5 waves impulse. Up from December 4 low, wave 1 ended at 49777.62 and pullback in wave 2 ended at 45478.74. Wave 3 higher is currently in progress with subdivision as another impulse in lesser degree. Up from wave 2, wave (i) ended at 48307.34 and pullback in wave (ii) ended at 45572.94. The crypto currency then extends higher in wave (iii) towards 51864.56 and dips in wave (iv) ended at 49458.85. Final leg higher wave (v) ended at 52098.60 which completed wave ((i)).
Wave ((ii)) pullback is currently in progress to correct cycle from December 17, 2021 low. The internal subdivision of wave ((ii)) is unfolding as a zigzag structure. Near term, expect wave (a) to complete soon, then the crypto currency should rally in wave (b) before turning lower again in wave (c). As far as pivot at 45507.04 low stays intact, expect wave ((ii)) dips to find support in 3, 7, or 11 swing for more upside. Potential target higher is 100% – 161.8% Fibonacci extension from December 4 low which comes at 55616 – 57985.
