Elliott Wave Analysis: Calling the low in placed in Bitcoin

Bitcoin tickersymbol: ( BTCUSD )Short TermElliott Waveviewsuggests that the decline from December 17.2017 peak to February 05.2018 low (5920.72) ended the Super Cycle wave (b) lower. Above from there,the rallyis unfolding asa leadingdiagonal Elliott Wave structure. Where Intermediate wave (1) ended at 9090.8 high asElliott Wave Double three structure. Where internals of Intermediate wave (1) ended in Minor wave W at 8648.9 high and Minor wave X at 7543.3 low.

Below from 9090.8 high, the pair ended its short-term correction against 2/05 cycle in Intermediate wave (2) low at yesterdays low 7820. Theinternals of Intermediate wave (2) unfolded as Elliott Wave Zigzag correction, where Minor wave A ended at 8170.9 and Minor wave B ended at 8589.1 high. Above from there, the pair is expected to resume the upside. However, a break of 9090.8 high remains to be seen to avoid the double correction lower in Intermediate wave (2) dip. Up from 9090.8 low, the rally is unfolding as Zigzag Elliott wave structure. Where Minute wave ((a)) ended in 5 waves at 8992.9 high, below from there, the pair is doing a short-term correction against 7820 low in 3, 7 or 11 swings within Minute wave ((b)) dip. Near-term, while dips remain above 7820 low and more importantly the pivot from 5920.72 low remains intact during the dips pair is expected to resume higher. We dont like selling it into a proposed pullback.

BTCUSD 1 Hour Elliott Wave Chart

Elliott Wave Analysis: Calling the low in placed in Bitcoin

Elliott Wave Analysis: Calling the low in placed in Bitcoin