BTCUSD Elliott Wave Analysis

Let us look at the Monthly Chart of Bitcoin against USD
[Note: I always analyze Crypto currencies against USD as USD is the worlds reserve Currency.]

Current Price Position:

Today's Price is 1BTC = $21550. If we compare with all time high $66857 and price today, it is ranging around Fibonacci 61.8% Area is is a major reversal Area. [See in the picture below]

We know, it is a major reversal area for a swing.

Now, Let us apply Elliott Wave Labels:

Here we clearly see, Wave 1,2,3,4,5,A,B,C on Monthly Chart clearly formatted. But there is a catch on Wave C, so, I've put a"?" on Wave C, as it is not confirmed that it has ended its development. So we need the morphological analysis on Wave C with alternative counts.

The first option is without drilling down to lower time frame, it is obvious that, the internal construction of Wave C has ended with Wave 1 and 2, the most critical part is to be developed. Here is the first Price Projection [Image below], where price should reach to the $1068 before moving up.

Here, for price projection, I've taken the help of Order Blocks, imbalance, Demand and Supply Zone of Monthly, Weekly and Daily Chart.

The second option is: drilling down to the Weekly timeframe to see the Wave C is over or not! Let's see the picture.

Picture 1: Selection the Price Movement on Monthly Chart to drill-down to Weekly Chart.

Picture 2: Wave C internal Waves

Here we also get 2 Options: Internal Wave 5 is developing or Development Complete. If development is complete, then it is truncated Wave 5, there we can hope a reversal. And if it (Wave 5) continues to develop it would touch the next Order block near value $10438.

Let us wait and see what happens! As this is not a trading signal, I just explained what is the current position of BTC in terms of technical reviews.