Elliott Wave View: Bitcoin Impulsive Rally In Progress

Bitcoin (BTC/USD) 1 hour chart below shows that the cryptocurrency has ended the cycle from July 16 as wave 3 at 12100 high. From there, the cryptocurrency did a pullback in wave 4, which ended at 10591.41 low. Afterwards, Bitcoin has continued to extend higher. Up from wave 4 low, wave ((i)) ended at 11424.13 high. The pullback in wave ((ii)) ended at 10900 low. Currently, wave ((iii)) is still in progress. The subdivision of wave ((iii)) is unfolding as a 5 waves impulsive Elliott Wave Structure.

Up from wave ((ii)) low, wave (i) ended at 11480 high and wave (ii) ended at 11000.79 low. The cryptocurrency then resumed higher in wave (iii), which ended at 11913.50 high. Wave (iv) dip ended at 11646 low. The cryptocurrency can still see another high in wave (v) before ending larger degree wave ((iii)). As long as 10591.41 low stays intact, the dips in 3,7 or 11 swings are expected to find support for more upside. However, it needs to break above wave 3 high to confirm the next leg higher is already in progress. While below that high, then Bitcoin could still do a double correction in wave 4.