Classic 5-3 Elliott Wave pattern on the daily chart
So what I am seeing is that bitcoin has done a 5 wave impulse to the upside since breaking out from its ATH in December 17th of 2020.
It has now been followed by a typical ABC pattern correction.
The bullish scenario would be another 5 five to the upside (This happened in 2017)
The bearish scenario would be a macro trend reversal for more downside to come.
It is not yet clear if the C wave has found its low. But the low is in line with a classical Elliott Wave correction.
EDIT: The support seen is a trend-line drawn from the crash in March of 2020. It has now been touched for the third time.
It has now been followed by a typical ABC pattern correction.
The bullish scenario would be another 5 five to the upside (This happened in 2017)
The bearish scenario would be a macro trend reversal for more downside to come.
It is not yet clear if the C wave has found its low. But the low is in line with a classical Elliott Wave correction.
EDIT: The support seen is a trend-line drawn from the crash in March of 2020. It has now been touched for the third time.
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