Short-term Elliott wave view in Bitcoin (BTCUSD) suggests the rally from September 21, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from Sept 21 low, wave 1 ended at 45159.90 and pullback in wave 2 ended at 40693.27. Wave 3 is currently in progress with internal subdivision as 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 44377.70 and pullback in wave ((ii)) ended at 40750. The crypto currency then extends higher in wave ((iii)) towards 49225.55 and pullback in wave ((iv)) ended at 46900.
Up from wave ((iv)), wave (i) ended at 51914.68 and dips in wave (ii) ended at 50428.64. The crypto currency then extends higher in wave (iii) towards 55800. Expect wave (iv) dips to find support in 3, 7, or 11 swing for 1 more leg higher to end wave (v) of ((v)) of 3. Bitcoin should then pullback in larger degree wave 4 to correct cycle from September 24 low before the rally resumes. Near term, as far as pivot at 40772.78 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
