Bitcoin Showing Mid Term Bullish Reversal

9 באוג׳ 2018

Looking at the weekly chart, one can see that Bitcoin made a Elliot Wave 12345 fairly nicely. Extrapolating Elliot Wave Theory to ABCDE correction/reversals, we see that Bitcoin has been in a falling wedge/descending triangle formation for quite some time now, always bouncing off the bottom support. As the falling wedge/descending triangle formation is a bullish reversal pattern, the only question is when it will break out of the wedge. Going back to Elliot Wave theory, the ABCDE correction/reversal pattern states that it (*should*) break out on the next wave upwards, after bouncing off support.