Bitcoin (BTC) Morning Update: Lower Low Would be Preferred. Why?
Overnight Bitcoin (BTC) price action put in a vertical blue wave 4 and and vertical blue wave 5. Technically, they meet the Elliott Wave requirements so for now, these waves have been labeled accordingly. This means that price needs to breach the upper whilte yellow wedge pattern line and start impulsing up to put in the wave C of blue D.
The ABC of blue D is still fitting in pretty well within the wider scoped view. The B wave looks complete and so C wave should start putting in the impulse subwaves.
The larger degree of trend (bigger picture) shows that there still remains a likelihood of a wave D breakout; though, I prefer the lower low of blue wave E as it is closer to the apex which usually generates a more sustainable breakout.
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