BTCUSD
is ready to rip. Analysis Method: Fibonacci + Elliot Wave
Review:
BTC has been in a bear market for 293 days since reaching an all-time high in December 2017. The correction was irregular and complex. Wave A came down in 3 sub-waves and Wave B went above Wave 5. Then, Wave C came down in 5 sub-waves to $6,000.
Next, we had a quick 3 sub-wave move from $6,000 to $11,700 which is marked on the chart by X. After, we had a ZigZag correction which ended at $5,755.00.
Remember the rule which says that wave 4 in an impulse wave cannot overlap the top of wave 1? Well, there is one exception to this rule. Every now and then, either wave 1 or wave 5 will take the shape of a wedge . Elliott has called this formation a Diagonal Triangle. A diagonal triangle differs from a regular (horizontal) triangle in that it slopes in the direction of the trend. So when the eventual break out happens, the next move will be in the opposite direction. There are two main types of diagonal triangles. One is where the two boundaries of the triangle converge and the other where they diverge. The second type is known as Expanding Diagonal Triangles. Irrespective of whether they are converging or expanding diagonal triangles, if they occur in the first wave position, where they are known as ‘leading diagonal triangle’, the internal waves are made up of 5-3-5-3-5 sub waves. If they occur in the fifth wave position, they are known as ‘ending diagonal triangles’ and the internal waves are made up of 3-3-3-3-3 sub waves.
The chart is now forming a leading diagonal (Green Rectangle).
Will update.
-AB
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Near-Term Target: $7,419
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S1 - Weak Retrace - Extending?
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OBV Divergence
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Lower & Higher
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Extending S1
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Get Ready for a hell of a move...
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Start the Clock...
15th
15th
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Extending Wave 3
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Correction: Wave 4
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Above: Breaking out of Leading Diagonal
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We should be getting close to a break out
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Completing Wave 5 of Wave C
Trade closed: target reached
