SUMMARY
From the onset of this correction, SELLERS have tried with all their might to knowck down BTC price to a level that would create a crash scenario. NOT WORKING! I present a very detailed Elliott Wave count below of the Wedge pattern. All subwaves have been labeled and the significance of labeling subwaves is that it allows a good degree of confidence in the "geo" positioning of the correction. Note the very last blue five waves (i,ii,iii,iv,v). All five are labeled. This is a bull wick day as price temporarily pierced the lower white line of the wedge pattern. IF the blue five waves represent a completion of the last remaining Fifth wave of this wedge pattern...Could the Bottom be in?
Greater probabilistic confidence can be gained by counting subwaves of higher resolution. Below shows precision placed five waves (white 1,2,3,4,5) of the blue fifth wave of Wave V of wave circled 5. They seem very complete!
I had shown this fractal of Head & Shoulders before; these had NOT been volume confirmed! Each fractal has a parent and child H&S pattern as shown by the larger and smaller boxes. Each subsequent fractal is very much smaller than the prior. Today's sell bottom reversed into a bull wick. Final five of five of five subwaves are in and complete.
The selling power could be nearly spent. The BOTTOM could be confirmed IF price reverses and breaches the upper line of the wedge in an impulsive manner!! Let's see how price activity moves.
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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