When it comes to BTC, yesterday wasn’t boring either since BTC started to decrease again causing panic but it managed to climb back to 15000$ so basically we can say that things took a normal turn at the end of the day.
The current situation hasn’t shown any major changes BTC’s growth continues to hang by a thread and those who wish to invest on short term must be really brave but who knows maybe they might get lucky in which case as soon as the prices start going up they might get stuck and make a real good investment for the future.
The charts do not really help us, at least not for now. But still compared to yesterday’s chart there are a few changes and since the decrease was really significant we should represent it on an Elliott wave. Now in this case no one can actually say anything regarding the wave like it’s not showing regular movement because we can speak of a regular Elliott wave movement only when we are in it, afterwards either we like it or we don’t we have to associate our wave to the movement, but this is not a set rule, everybody does as they wish, and if it comes to beginners we do not even recommend it,.
So yesterday we had a decreasing ABC wave, which started at 17218$ and its objective for us was to observe this decrease as a correction of the red Elliott impulse. This might have been a good thing, but since the prices reached 13268 $ this ABC correction wave idea didn’t really help much and so as a result we got a late Elliott impulse on our chart.
Furthermore I think that after this, we can expect a growing ABC correction wave and if we will get as lucky as before with our decreasing Elliott impulse then later the ABC correction wave might end as an Elliott impulse.
In case our increasing ABC wave will remain and reach 15427$ then we can expect the prices to stagnate but if it will rise above it then we can expect one of the above mentioned changes.
So, if our ABC wave’s final level will get exceeded by the movement, than you should go as far as 15600$ in order to even think of an Elliott wave which in normal case should take us back to our 17200$ starting point.
https://www.tradingview.com/chart/BTCUSDT/jZgTKEVr-BTC-USDT-Elliott-waves/
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