SUMMARY
In the short term, Bitcoin (BTC) could be putting in the needle & thread sowing of bull wicks above and below the long term trend line. The below chart shows an updated Elliott Waves for the white C wave with the final C's five subawaves reaching to $6,400 or so. Could this be another bull wick?
Here is the alternate scenario with the second wedge pattern approaching completion (blue abcde). The final blue e wave is in progress and IF it follows the contracting line direction; it could complete at $5,120. This scenario jives with the blue W bottom pathway.
While price is still within the white W bottoming primary pathway; the alternate shows that the $5,120 is well within the blue W price pathway. IF price submits below to a new lower low, then the Alternate count becomes primary. The MACD would still maintain it's form and likely continue putting in higher highs.
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