Elliott Wave - BTC Analysis - Bullish move due

Following #ElliottWaveTheory it would appear #Bitcoin has completed a large #ABC correction and on technicals looks to be preparing for a substantial bull run.

Coming from the #ATH of circa $20,000 I believe we have seen an ABC correction as shown by the initial PINK trend. This would be confirmed after the hitting the #ATL at circa $5.8K, the market was heavily oversold causing eventual sustained bullish move to just under $12k.

After last weeks pullback (we did not break out above the previous high ST resistance represented by the horizontal RED) it would suggest this was wave one. We may now see a micro-sustained pullback (potentially back to 200MA) before entering wave 3 which is typically the strongest bull, before retrenching slightly for the final 5th wave.

Wave 3 will only be confirmed once we break the last high shown by the red horizontal. #RSI further confirms this position, with potential for a strong bull very promising.

I expect a strong bullish move from #BTC here, all the factors are building to a potential sustained bull run, & after wave 5; potentially taking us to a new ATH.

27th FEB saw #BTC strangled with resistance as the value fell right between the 100MA and 200MA which fell almost perfectly inline with the 50MA at at the same time, causing some compression resistance. We are just breaking this now, hovering above this vital intersection.

Keep focused when we enter the 11.2-11.8 range, this is the next upper resistance range, once broken we can expect some v strong buying pressure.

Comments and other theories welcome!