Bitcoin (BTCUSD) has rallied parabolically since forming the low in March of last year. The rally from 8 September low is unfolding as a 5 waves impulsive Elliott Wave structure. In the 1 hour chart below, we can see wave (3) of this impulsive rally ended at 34800, while pullback in wave (4) ended at 27704. The crypto currency has since resumed higher within the last wave (5).
Internal of wave (5) is unfolding also as another 5 waves in lesser degree. Up from wave (4) low at 27774, wave 1 ended at 32246.97, and wave 2 ended at 29936.26. The crypto currency resumed higher in wave 3 towards 40402.46 as another impulse in lesser degree. Wave 4 pullback ended at 36388. Final leg wave 5 of (5) is currently in progress. Up from wave 4 low at 36388, wave ((i)) ended at 39995 and pullback in wave ((ii)) ended at 36618.36. Expect Bitcoin to continue higher within wave 5 of (5). As far as Jan 4 pivot low at 27774.07 remains intact, expect the crypto currency to extend higher.
Bitcoin (BTCUSD) 60 Minutes Elliott Wave Chart
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