Bitcoin: Past the bottom, or are we still correcting?
Disclaimer: These are just my opinions, this is not professional advice.
Based on the Elliott waves I have been seeing, I am (fairly) confident Bitcoin has begun a new wave cycle and we have already seen the bottom. In the chart below the Roman numerals represent a larger impulse wave. 12345ABC represents the sub-waves I observed to confirm that waves (I) and (II) are complete.
Based on the Elliott wave rules, we know that wave (III) can not be the shortest. This means that it will be likely longer than (I). Expert Technical Analyst and Elliottician @haijen stated that (V) tends to be an extended impluse wave in cryptos (please see link below for a great tutorial). Therefore, if (I) is the shortest impluse wave, (III) will very likely to break through the upper trend line. I predict we will find support around the upper trend line for (IV). If we can maintain price action above the upper trend line, this may the beginning of the beginning of Bitcoin's next big bull run.
https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-1-by-haejin
Looks like the wave's going to hit 9,000.
I believe it will correct back to $9k before its final run to (V).