Bitcoin's path is predicated on it's near-term movements.
There are two Elliott wave models we are following. The first one suggests Bitcoin will continue correcting lower from nearby levels. This correction likely retests the Jan 24 low. This model suggests Bitcoin has rallied in a small degree wave and will correct lower in a small degree wave .
The second model suggests bitcoin may continue to rally up into the 50's. This would be a double zigzag higher which ultimately suggests it is corrective.
Both models are possible. If bitcoin continues its rise, then we will eventually be able to eliminate the bearish scenario. Otherwise, be warned of another retest of the Jan 24 low.
There are two Elliott wave models we are following. The first one suggests Bitcoin will continue correcting lower from nearby levels. This correction likely retests the Jan 24 low. This model suggests Bitcoin has rallied in a small degree wave and will correct lower in a small degree wave .
The second model suggests bitcoin may continue to rally up into the 50's. This would be a double zigzag higher which ultimately suggests it is corrective.
Both models are possible. If bitcoin continues its rise, then we will eventually be able to eliminate the bearish scenario. Otherwise, be warned of another retest of the Jan 24 low.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress