SUMMARY
Bitcoin (BTC) exceeded $8,000 during the day and I believe $10,000 is not too far away. The inverted H&S has been invalidated given the higher highs. I've updated the chart now with a trend channel that started back in September. Note how the recent correction pierced the lower trend line but price came back into the channel without much hesitation. Bear in mind that during the correction, when price broke the lower trend line, many weak hands just sold and bailed. And that was a good thing for the bulls. Since now we have much less weak hands, the bulls are clearly in control and this means there's enough mojo to first tag $8,613 as Elliott Wave 3 and then get gently repeled by the upper trend line for wave 4 completion afterwhich wave 5 would breach the upper trend line to tag $10,000!
I will provide a bigger picture forward discernment over the weekend. Meanwhile, the video analysis has more details!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: 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.**