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On the short term microwave counts, Bitcoin (BTC) has completed the initial five wave up (white) since price broke out of the ending diagonal. What happens after a five wave impulse sequence? There is a requisite correction. The is likely what's occurring currently with price declining so far to the 0.38 Fib level. The 0.618 and 0.786 levels are circled in blue since likely the correction will target those as the favored Fib zones. From a pattern perspective, a downward wedge looks probable.
I've conisitently stated that a real confirmation of a trend reversal is when there are two rounds of an impulse. We've just recently completed the first and after this very minor correction; a secound round of impulse as shown by the purple wave labels would be most ideal. The purple wave 5 should well exceed the $7,600 level. Why this level?
From the longer term perspective, the bull flag is still in play. The white arrow shows that the top white trendline needs to be breached to confirm the bull flag play. The leve that needs to be breached is currently at around $7,600 or so; and the second round of impulse should enable a decisive breach.
On a near daily scale, the bull wedge and the Cup & Handle potential still remain valid and in progress. However, there might be a potential for a second rounded price formation. IF that is the case, the basin phase might occur (blue rectangle) as it did for the first fractal. This should allow the MACD to wiggle a bit more closer to the apex.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
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Elliott Wave Counting Tutorial #3
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