SUMMARY
Bitcoin Investment Trust (GBTC) placed an impressive five wave sequence to as high as $38.84 and has since then been correcting and thus far, a defined sequence of ABC waves can be labeled. If price completes the current minor correction and can put in higher highs, the current placement of wave C can be confirmed.
In alignment with Bitcoin, the symmetrical triangle shows a potential sideways action. The white arrow projects a pathway that could complete the abcde labels. This would also bring price to close proximity to the Apex. The bottom support line has a distant origin and has represented a solid support. This support needs to hold.
A closeup shows the similar wedge pattern and thus far, all abcde waves can be accounted for and so it should be done. Price, however, can still have affinity towards tagging the lower blue support line. This would only extend the wedge and not invalidate it. That blue line support needs to hold against any decisive breach. IF the support does get breached, there is an alternate scenario which won't yet be presented.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
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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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