Bitcoin (BTC) Morning Update: Wedge Pattern Could be Complete

SUMMARY

Bitcoin (BTC) overnight price action has touched and slightly pierced the bottom line of the wedge pattern. The piercing is ofteen bullish if price returns back inside the pattern. It's the easiest way to divest "weak" hands, the would be sellers at the slightest hints of a decline. IF this pattern is complete, then blue wave e would be complete and a reversal would be expected.

Higher resolution shows a count pathway where all five waves of c of e could be complete. IF so, then price needs to do some serious upmoves and breach the upper white wedge trend line. It might already be in that progress.

Closer examination shows that wave 5 of c of e remains likely inocomplete. This could mean one more lower low might be required. Form and fit often is the decision maker when selecting between multiple Elliott Wave count possibilities. The count that looks more impulsive is selected as the primary. In this case, the current bounce being wave 4 fits better into a five wave impulse trajectory.

The bigger picture picture shows how the wedge fits into a larger symmetrical triangle. Blue wave c should be, if not already, nearing completion and that likely will lead to the start of next wave d and then e. The bottom line of the triangle needs to hold as support.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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