Bitcoin (BTC) continues to trend well within the parallel lines as initially shown yesterday. Again, when price traverses inside a set of parallel lines, it is often indicative of an impulse and I think that's exactly what the bullish case needs. So, as shown below, is it probable that price is putting in the wave iv? I believe so. However, there still remains the scenario for the upper channel to be breached for the trend to set another trend line. Once wave V becomes complete, Elliott Waves states that there is a requisite abc correction. At that point will be a bit of critical juncture and for now, I've added the standard abc. More detail will be provided in this correction scenario in today's mid-day update.
The bigger picture (multi-Weeks time frame) shows that should price reach wave V as shown in above chart, and the correction proceeds as expected; then the larger bullish, Inverted Head & Shoulders becomes very attractive. IF this pattern completes and confirms, the minimum travel distance would be to $18,118 and as most minimums are exceeded, all time new highs could be tagged in haste. However, from now to the completion and confirmation of the larger inverted H&S; much must take place in price action. So, incrementally, let's see how today's price wiggles and twists.
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