Bitcoin (BTC) Morning Update: Short Term Alternates

SUMMARY

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Overnight Bitcoin (BTC) price action has marked out the five wave impulse trajectory. The below chart shows the white five waves are followed by what could likely be an ABC (red) correction. The red C wave is marked to the prior wave 4 level which equals the 0.618 Fib level. The blue abc are the subwaves of red A and if blue c is complete, a red B wave bounce should occure. However, there is an alternate based on a pattern. Can you discern that pattern?

This chart shows that the impulse had moved within a parallel channel. This is a common attribute of an impulse. The pattern is that of a downward wedge. Could this wedge represent the full correction? Yes, and as labeled, once red waves abcde complete, there should be a breakout to higher highs. However, I prefer the blue ABC pathway since it would allow the 0.618 Fib level decline. Why? Is it because I enjoy lower prices? Not at all, it's because that way, more would be sellers are divested and that's always a good scenario for the bulls.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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