SUMMARY
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Note: The Video has tons more details!
Bitcoin (BTC) overnight price action completed the abc correction from the very first five wave impulse from the bottom. Price then started rising and has hit the resistance zone of $9,079. The purple subwaves show a second set of impulse waves and that's a very good sign of a continuing turn. IF the bottom is IN; this impulse needs to breach the $9,079 and then $10,305 levels.
There is a scenario of an ascending right triangle to form as shown below. That would also be quite bullish and declining volume confirms. The $9,079 level would act as the horizontal line of the ascending right triangle.
The larger degree of trend perspective is shown below. Since the genesis of Bitcoin, price has been working towards the $20k zone to complete the wave 1 and currently, we are working on wave 2. What happens after wave 2 is done? Wave 3 is next and this way is the most vigorous, energetic and violent in its way up! The coming wave 3 will be near vertical and a jaw dropping sight to behold! I've explained how and what could drive BTC to these levels of six figure price....liquidity shortage!
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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