SUMMARY
Bitcoin (BTC) could have put in the first set of five waves and so would need to correct more than it has now. Notice how price had been traveling within the parallel channel which is indicative of an impulse in motion. Now, price has gone below the lower white line and so the red ABC correction is a probable scenario. However, this is a very short term perspective. Let's take a longer term outlook using price, pattern, Elliott Waves and Indicator.
The mst prominent is the MACD..look how it's coiled and obeying the contracting blue line boundaries! There could be a few more wiggles but as it gets more proximal to the apex; the likelihood of a blow out breakout is high. This is not screaming a crash scenario but quite the opposite. The Inverted H&S is also in progress and hasn't changed much at all. The minimum run is projected to $17,331 and is expected to be exceeded. Video has more details!
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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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