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Elliott Wave View: Bitcoin Extending Higher in Wave 5

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Rally in Bitcoin from December 15, 2018 appears to take the form of animpulse Elliott Wave structure. In the 1 hour chart below, we can see wave (3) of this impulse from 2018 low ended at $5627. Wave (4) pullback is proposed complete at $4990.52. The virtual currency still needs to break above wave (3) high at $5627 to validate this view and avoid a double correction.

The internal of wave (4) unfolded as a zigzag Elliott Wave structure. Wave A ended at $5372, wave B ended at $$5510, and wave C of (4) ended at $4991.42. Wave (5) rally is currently in progress to end the impulse structure from December 15, 2018 low. The internal of wave (5) is nesting as an impulse structure with wave 1 of (5) ended at $5291.48 and wave 2 of (5) ended at $5046.31. Wave 3 of (5) is in progress as another impulse of lesser degree. Near term, as far as pullback stays above $4990.52 low, expect Bitcoin to extend higher.

If the virtual currency breaks below 4990.52, then wave (4) is doing a double correction and should find buyers at the next 100% extension area from April 23, 2019 high. We do not like selling Bitcoin.

Bitcoin 1 Hour Elliott Wave Chart

Bitcoin May 3

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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