elliott wave analysis of bitcon on daily timeframe

looking at the chart there could be a possible zigzag formation (5-3-5 structure), labeled with red ABC on the chart

currently, in lower degree abc correction is in play and wave B on higher timeframe.

depending on abc formation, here is what to be expected
– if abc is forming zigzag formation then we may expect some more bullish price action before any probable reversal

– on the other hand, abc could form an expanded flat with a complex b wave and the formation will perfectly fit to wyckoff redistribution sychmatic. in this case we may experience a bearish price action – probably below the local bottom – folowed with a bullish price around the half of wave A in higher degree which will complete abc formation on lower degree. please check details presented on the chart

abc completion also means end of wave B in higher degree. based on zigzag rules wave C implies a bearish impulsive (5 waves) price action

please note that :
– these patterns do not provide any kind of certainty about future price movement, but rather, serve in helping to order the probabilities for future market action
– trade setups must be confirmed in conjunction with other forms of technical and fundamental analysis
– and please remeber that this analysis is not a financial advice and presented for educational purpose only

Peace at Home, Peace in the World