BitcoinLong
#Bitcoin Wave Count and Primary Bullish Move Targets
#Bitcoin overall #Elliottwave count of the primary bullish move since late November 2022.
With price breaking above the bearish trendline that had kept it lower since March 12th, we can confidently say that the complex consolidation under wave ④ of iii has ended, and we're now in the impulsive wave ⑤ of iii.
Looking more closely at wave ⑤, we can see that waves (1) and (2) are complete, and we're currently in wave (3) of ⑤.
Based on Fibonacci tools, I believe wave ⑤ could target a range between 75,000 and 97,000. However, the key takeaway here is not just the targets but that we're in a bullish impulsive wave ⑤ and how we can take advantage of this using our strategies.
Another bullish confluence on the chart is the formation of a reverse Head and Shoulders pattern, visible at the end of the bearish corrective wave ④ and the start of wave ⑤.
With price breaking above the bearish trendline that had kept it lower since March 12th, we can confidently say that the complex consolidation under wave ④ of iii has ended, and we're now in the impulsive wave ⑤ of iii.
Looking more closely at wave ⑤, we can see that waves (1) and (2) are complete, and we're currently in wave (3) of ⑤.
Based on Fibonacci tools, I believe wave ⑤ could target a range between 75,000 and 97,000. However, the key takeaway here is not just the targets but that we're in a bullish impulsive wave ⑤ and how we can take advantage of this using our strategies.
Another bullish confluence on the chart is the formation of a reverse Head and Shoulders pattern, visible at the end of the bearish corrective wave ④ and the start of wave ⑤.
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