SUMMARY
Bitcoin (BTC) could be ready to rise as shown by the below chart. The MACD is curling upwards and the white 12 day line is converging with the red 26 day line. A buy signal is likely! Per yesterday's alternation post, this would play well.
My primary count is still as shown below with the wedge formation; but if price breaches the upper blue line of the triangle and the MACD lines cross, a buy signal is likely.
Bitcoin could end up simply moving more sideways..but that's a bit unlike BTC. It doesn't have the Hurry Up & Wait syndrome as badly as the Altcoins who fester in the slow mode and thus often lag BTC in the correction turns.
This chart is my top alternate count. The red ABC marks the correction pathway and isn't that much diffeernt from the descending wedge primary count. The subwaves of the red A wave could be complete with the red B wave now in progress. A price rise from here would help complete the blue abc subwaves of the red B wave. Once that is complete, the red C wave would have five subwaves (white) down towards $6,000 or so. I've added additional landing zones in blue horizontals. So, careful counting of subwaves would be required to determine the degree this alternate count can become primary.
Legal Disclaimer: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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