Bitcoin Elliott Wave Analysis: Close to Ending 5 Waves

Hello Trades,

Today we will have a look at bitcoin in the 1-hour timeframe.

Short-term Elliott wave analysis suggests that the decline to $6072 low ended red wave 2 pullback. The internals of that pullback unfolded as Elliott wave Flat correction where black wave ((a)) ended in 3 swings at $6445.31 low. Black wave ((b)) bounce ended in 3 swings at $6820 high and black wave ((c)) ended in 5 waves structure at $6072 low.

Above from there, the Bitcoin’s rally to $7696.88 high it completed red wave 3. The internals of that rally higher unfolded as Elliott wave impulse structure where black wave ((i)) ended in 5 waves at $6337.25, black wave ((ii)) ended at $6121.01, black wave ((iii)) ended in 5 waves at $7599.98, black wave ((iv)) ended at $7338.91 and black wave ((v)) of red 3 ended at $7696.88 high. Down from there, the pullback to 7253.21 low ended red wave 4.

The rally higher in red wave 5 is nesting higher as impulse structure looking to extend higher 1 more time approximately towards $8678.62 0.764% Fibonacci extension area of red 1+3 to end the red wave 5. The move higher should also complete cycle from 6/29 low in blue wave (A) of a possible Zigzag structure. Afterwards, the instrument is expected to do a pullback in blue wave (B) in 3, 7 or 11 swings to correct cycle from 6/29 low before another extension higher in blue wave (C) is seen. We don’t like selling it.