Bitcoin Elliot Wave possibility

Aug 25, 2021

Ever since bitcoin break the 50.5k, it has been making me reconsider that we might still be in wave 3 ever since we bounce from the 29k level. I was thinking that we are at wave 5 previously because the bearish divergence on the RSI, but it seems that the RSI has also shown higher low to counter the lower high, which might cause the bearish divergence to not get triggered in anytime soon. In this case, we might go and touch the golden pocket at 51.4k as the peak of wave 3 before a wave 4 correction and then a continuation of wave 5 up to the 57.5k level. In this case I am thinking that the wave 3 is actually an extended wave. If this was wrong, we would be able to see it if we failed to break the 50.5k. So we might want to see any sign of breaking down and low volume around the 49.5k. A rejection might show that we are actually already finished with wave 5 and already at the ABC correction. The next coming 16 hours should be very important for us