BTC/USD Elliott Wave Count
It looks like BTC/USD may have just completed minor wave 5 of intermediate wave 5 of primary wave 3 today. If this was indeed the completion of said sequence, we can expect a pullback, which is primary wave 4, that should take us back to around $3140. This would be a 38.2% retracement which is common for a wave 4.
If primary wave 4 were to retrace beyond 38.2%, we'll likely see strong support come in at the $3000 level. This level initially acted as resistance for intermediate wave 3 in June. It again acted as resistance for minor wave 1 of intermediate wave 5 in mid July before prices finally broke through it.
It wouldn't be out of the question to see prices pull back to the bottom of intermediate wave 4, around the $1995 level which would be a 68.2% retracement. Such a pullback would be a bit deep for a wave 4, although it is common for a 4th wave pullback to retrace into the level of the 4th wave pullback of the next smallest degree. Given the extreme bullishness we saw in the rise of primary wave 3, I'd be quite surprised if price pulled back 68.2%.
A break of the $4979.90 high would invalidate this wave count.
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EW count is all relative and an art. Having said that, I believe your final wave 5 has subwaves i,ii,iii but not yet iv and v. A tee bit more higher could be possible before Bitcoin tops. But then, it doesn't matter for those who have been selling into this wave 5 for MASSIVE profits from prior bottom. Good to see a nice EW count! Upvoted! Following!
Yes, I could see that being the case. We'll either turn higher and break above $4979.90, invalidating the count I proposed here, or we continue down and break below $4449.80 which I believe would invalidate the bullish count. It'll be quite interesting to see how this plays out. Thanks for the follow!
I told people we'd have a drop around 5K I just wish I would have been able to sell off before that point, so I could rebuy. I'm not sure if we would drop down to the 2K level or rebound, the currancy looks like it's trying to figure out if it wants to flirt with that 5k mark or not again.
I think it'll be quite difficult for prices to break below the $3000 level. We'll continue to monitor and post updates as things evolve.