Bitcoin (BTC) Mid-Day Update: Bitcoin Loves Wedge Triangles

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Analysis:
The short term always carries the risk of myopia. However, the subwave labels provide the vital "geo" positioning an Elliotician needs. The below chart shows the blue and white wedges and clearly the personality of Bitcoin is that it desires to consolidate in triangle patterns.

The white wedge shows an indication of breaking out and the white smaller degree of trend impulse waves provide a projected pathway. However, zooming in and out from short term to longer term is necessary to discern best probable scenarios.

Here is the larger degree of trend picture where since the $5,900 prospective bottom, Bitcoin can be said to have placed waves 1,2 and 3 and is now working on 4 with 5 on deck. The key relationship between waves 4 and 1 is that 4 can't overlap with 1, the top of which is $9,060. So, from this Elliott Wave perspective, $9,060 would be the line in he sand which invalidates the count. The fact is that such has no occurred and so not yet invalidated.

My primary count remains as shown below. The IHS (inverted head & shoulders) is still in play. IF the wave 4 will complete the RS, it would be ideal. Volume is still confirming beautifully.

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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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