Bitcoin Elliott Wave Update - Vicious snap-back rally
Prices rocketed higher off the $3000 level today. Within a few hours we had reached the $3700 dollar. They are struggling quite a bit at the $3800 level.
The ultimate question: is this a bear market rally or the beginning of a new impulse wave which will take us to new highs? My preferred wave count says we still have one more minuette wave to the downside to go. The strength of today's rally definitely calls this count into question, but only time will tell.
I made very minor adjustments to the wave count based on today's price action. The drop to $3000 became subminuette wave v and completed minuette wave (iii) down. We're now working minuette wave (iv) higher. Wave (iv) is already nearly at a 61.8% retracement, which coincides with apparent resistance at the $3800 level. Coincidence?
Once minuette wave (iv) completes we should make one more final low which will complete minuette wave (v), minute wave [c], minor wave Y and possibly Intermediate wave (2) as well. After all that is complete, I'm anticipating a very strong rally as intermediate wave (3) gets underway.
A rally above $4125 would invalidate this wave count.
Thank you very much! Just a small question — what's an intermediate wave? Are these the largest longer periods waves now? If so, why would it be a third wave go up and not a fifth? Thank you.
Intermediate waves are much larger than what is pictured on these charts. They span weeks to months. Most of my posts show hourly charts which typically feature minor, minute, minuette and subminuette waves. Intermediate waves are 1 degree larger than minor waves.
The third intermediate wave I'm referring to is part of a larger advance. All of the price action described in the above chart is within the 2nd intermediate wave.
Here's a daily chart which shows the intermediate waves as well as primary wave [3] and [4]. Primary waves are one degree larger than intermediate waves.