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Elliott Wave View: Bitcoin (BTCUSD) Looking for Larger Correction

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Short term Elliott Wave View on Bitcoin (BTCUSD) shows the rally to 12336.88 on August 6, 2019 ended wave ((X)). The crypto currency declines from there and the structure is unfolding as an impulse Elliott Wave structure. Down from 12336.88, wave 1 ended at 11532, wave 2 ended at 12145.42 and wave 3 ended at 9653.6. We can see from the chart below the internal of wave 3 is also unfolding as a 5 waves impulse of lesser degree. Wave ((i)) of 3 ended at 12061.1 and wave ((ii)) of 3 ended at 10026.74. Next leg lower to 10250 ended wave ((iv)) of 3 and wave ((v)) of 3 ended at 9653.6

Expect Bitcoin to rally in wave 4 then extends lower 1 more leg to end wave 5 and complete cycle from August 6 high. Afterwards, the the crypto currency should do larger bounce to correct the 5 waves down from August 6 high. A break below July 17, 2019 low (9049.54) is needed to validate the view of a larger correction in Bitcoin. We expect bounce to fail in 3, 7, or 11 swing for further downside as far as pivot at 12336.88 stays intact.

Bitcoin 1 Hour Elliott Wave Chart

Bitcoin 16 Aug

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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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