Elliott Wave view in Bitcoin suggests the decline to $14351 ended wave 4. The crypto currency has since rallied higher in wave 5. The internal of wave 5 is unfolding as a nesting impulsive Elliott Wave structure. Up from wave 4 low at $14351, wave ((i)) ended at $15664.9 and pullback in wave ((ii)) ended at $14824.66.
Up from there, wave i ended at $15508.73, and wave ii dips ended at $15092.47. The crypto currency then extended higher in wave iii towards $16177, wave iv ended at $15599.40, and wave v ended at $16494.52. This completed wave (i) of ((iii)) in higher degree. Pullback in wave (ii) of ((iii)) also completed at 15708.
Up from there, wave i ended at $16163.57, and pullback in wave ii ended at $15786.46. It then extended higher in wave iii towards $16894.93, and wave iv ended at $16570. Near term, expect wave v of (iii) of ((iii)) to end soon. A wave (iv) pullback should then follow to correct the rally from wave (ii) low on November 14 before the rally resumes again. As far as November 14 pivot low at $15708.03 stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.
BTCUSD 60 Minutes Elliott Wave Chart
