1 Hour chart in Bitcoin (BTCUSD) below shows that the crypto currency is ending a wave 5 impulsive rally from September 8 low. The subdivision of wave 5 is unfolding as an ending diagonal Elliott Wave structure. Ending diagonal is a special type of 5 waves with subdivision of 3-3-3-3-3. As the chart below shows, BTCUSD ended wave 3 rally from September 8 low at 13864.89. Pullback in wave 4 then ended at 12909.62.
Up from wave 4 low, wave (a) ended at 13675.56 and wave (b) pullback ended at 13129.26. The crypto currency then extended in wave (c) towards 14100. These three waves zigzag ended wave ((i)) of 5 in higher degree. Wave ((ii)) pullback then ended at 13220. Wave ((iii)) of 5 is now in progress as a double zigzag where wave (w) ended at 14083.76 and wave (x) pullback ended at 13520.87. Expect wave (y) of ((iii)) to end soon and Bitcoin to pullback in wave ((iv)) before turning higher again in wave ((v)). As far as pivot at 12909.62 low stays intact, dips should find support in 3, 7, or 11 swing for more upside.
Bitcoin 60 Minutes Elliott Wave Chart
