My primary count is that BTC is forming a downwards wedge.
This is backed up by the fact that previously BTC broke through the resistance of a Elliot wave triangle but did not have the momentum to break through the wedge to resume its bull run.
As such I believe that what we will now see over the next few days is BTC decline to see the E part of the wedge. My strategy if this is the case would be to begin laddering in my Buy orders before the blue square and in the blue square region ( which is also roughly in line with the previous Elliot waves and of the 2 )
My alternate account would be that we have completed a ABC correction and are now finalising wave 2 of the impulse wave. If that were the case then wave 3 would break through the wedge and signal the resuming of the BTC bull run, however I do not think this will be the case.
Legal Disclaimer: This is only my opinion, how you interpret it is completely up to you. What I mean by this is that I am not giving you advice or recommendation to buy or sell anything! This information has been made for informative and entertainment purposes only.
