Bitcoin BTC - Explosive breakout soon! | Wedge | Elliott Wave
- Bitcoin is still struggling to do an impulse wave with a gap. The rising wedge is close to a breakout, but be aware of a possible fakeout first.
- On the daily/4h chart, we have a total of 9 waves, which is really great at this point, because this indicates a motive/impulsive structure.
- Generally, 5,9,13,17,21 are motive/impulsive structures. On the other hand, 3, 7, 11, 15, 19 = corrective structures. Please keep that in mind!
- So if we drop even lower from this point, to 20k, for example, then we can count this 9-wave structure as an impulsive wave and we can expect much more later.
- As per my Elliott Wave analysis, the next wave to the upside should be a massive impulse wave that all bulls want to see.
- The rising wedge also looks a little bit like an ascending triangle, which is, of course, a very bullish pattern.
- Next stop 32,500 USDT. We can also wipe out all stop losses at this level before a possible consolidation.
- I expect tremendous gains for selected altcoins. You can find them in the related section down below.
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