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Bitcoin (BTC) has completed the correction which was requisite from the first impulse sequence (white). It was a fractal of the first wedge (blue) as can be seen by the breakout style. The second impulse sequence is in progress and the fact that price is moving impulsivly is a very good sign.
From a higher degree of trend perspective, the purple waves outline the bigger moves to come. In effect, the first white impulse sequence was subwaves to purple 1. The just finised abc are subwaves to purple 2. So, IF purple 3 is in progress; then the yellow waves are the subwaves....so, it's got much more to go up.
The longer term chart still shows that the upper white trendline of the bull flag needs to be breached. IF the purple wave sequence persists, as shown in the above chart, the breach of the bull flag pattern could be done with ease.
And the near daily chart view shows still what could be a MASSIVE bull setup...the MACD. It's SOO close to the apex and is SOO constrained by the contracting blue lines...an explosion is the only release and I believe that explosion is leaning heavily to the upside!
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Elliott Wave Counting Tutorial #1
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