I believe we are about to reach the critical inflection point for BTC
. On this chart I show two possible Elliott Wave
counts. The red count presumes a bullish
resolution and a completion of BTC's 2nd primary wave. It depicts the very beginning of its next primary wave off to a minor 1, minor 2, minute one, minute two beginning. Interestingly, both first waves, the minor and minute formed leading diagonals that require steep 78.6% retracements, which is precisely where this recent pullback (red ii) found support. The struggle lies several hours ahead at the dotted green line. This count must finally push through that resistance.
resolution in green presumes that the intermediate wave (C) of primary wave two is still unfolding and its minor wave 4 has formed a triangle that is just about completed. The green line off lower highs that also forms the upper trend line
for the triangle should provide resistance to this current move according to this count. And,when it does, we should see the final leg down to complete the pullback at the (A)=(C) target shown by the red dashed line and yellow rectangle
Who will win? bulls or bears, your thoughts.