We will take a look at the two different paths in Bitcoin in this video. After ending Super Cycle Wave (a) at $19666 high on Dec 17, 2017, Bitcoin started the correction in 3 swing as a zigzag (abc) Elliott Wave structure. The Super Cycle wave (b) is proposed complete at $5920.72 at the 123.6 extension of the abc correction from $19666. Bitcoin has started to move higher after ending the pullback, and below video shows the two different possible paths:
Bitcoin Elliott Wave Analysis Video 2.21.2018
Bitcoin Elliott Wave Analysis – 4 Hour Time Frame
After ending the Super Cycle wave (b) pullback at $5920.72, primary view is calling for the current rally as a 5 waves impulse Elliott Wave structure This view will get more validity if Intermediate wave (3) can reach 1.618 extension at $12205.05. In any case, another leg higher in Intermediate wave (5) is possible before the crypto-currency ends Primary wave ((1)) and do a larger 3 waves correction in Primary wave ((2)).
As an alternative, the rally from $5920.72 can unfold as a FLAT (A)-(B)-(C). In this scenario, then Bitcoin won’t make another push higher in Intermediate wave (5) and instead could start correcting the entire rally from $5920.72 in larger 3, 7, or 11 swing. We told our members to buy the Bitcoin dips at the Super Cycle (b) equal leg area at 6746.98 – 8755.87, and this position should be risk free already.
However, if currently without any position, we don’t recommend chasing Intermediate wave (5) and it’s better to wait for the larger correction to the cycle from 2.6.2018 low ($5920.72) before looking to buy the dips again in 3, 7, or 11 swing. Again, per the two paths above, Bitcoin can make one more push higher to end wave (5) of ((1)) before doing a larger 3 waves pullback in wave ((2)) to correct cycle from $5920.72 low. Alternatively, Bitcoin can end wave ((W)) as Flat without a new high and pullback in wave ((X)) to correct cycle from $5920.72 already. In both cases, we don’t like selling and prefer buying dips in 3, 7, or 11 swing as far as pivot at $5920.72 low remains intact.
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