Bitcoin Special

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Bitcoin Elliott Wave count.

• My preferred Elliott Wave (EW) count is green. I posted it before in Pro.

• For bigger-picture EW counts refer to past Pro newsletters, or to my last two Bitcoin YouTube videos.

• Wave (iii) hit perfectly the ideal Fibonacci target, 161.8% extension of (i)-(ii).

• Then, there is a potential triangle for wave (iv) and terminal spike in (v) of ((v)) to complete five waves up since Aug low.

• After completed five waves, according to the Elliott Wave Theory at least three wave correction occurs. 

• The start of the presumed correction is denoted by red wave i and bounce in red ii.

• So far so good. However, Bitcoin failed to reach the ideal 200% Fibonacci level with green (v), which would go “hand in glove” with 161.8% Fibonacci level for reached by wave (iii).

• Moreover, BTC did not reach the 4-year cycle price projection of 105k-138k. Reaching 200% Fibonacci level would minimally satisfy this target. In forex and commodities wave (v) can spike even higher to   261.8% or 423.6% fibs.

• The failure by Bitcoin to reach ideal target raised a yellow flag in my mind.

• Could this sharp drop yesterday be a “bear trap”?

• Yes, it could. The wave structure in the last ten days can be counted as blue a-b-c, so called running expanded flat in EW terminology, where blue c represents the sharp drop on Thursday.

• Under this count alternative, Bitcoin can push in wave blue (v) to the 261.8% fib, ideally.

• If all this EW mumbo jumbo sounds complicated, it is, and takes time to learn it but it is very useful.

• We regularly use EW analysis in premium newsletters, and it is useful complement to price projections and time cycles to analyze stock market indexes or other financial instruments. 

Bitcoin on Youtube

• In case you missed it, we have a two part series on Youtube on Bitcoin.

• Check out Part 1 and Part 2 below

Follow BraVoCycles on X

• Yesterday I reposted my view of DOGECOIN.

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