Cycle from 11.22.2022 low is in progress as a 5 waves impulse Elliott Wave Structure. Up from 11.22.2022 low, wave 1 ended at 18373 and pullback in wave 2 ended at 16293. The crypto-currency then extends higher in wave 3 towards 24258 and pullback in wave 4 ended at 21396.16. Internal subdivision of wave 4 unfolded as an expanded flat as the chart below shows.
Down from wave 3, wave ((a)) ended at 22504 in 3 swing. Rally in wave ((b)) ended at 24258 also in 3 swing. Wave ((c)) lower ended at 21396.16 in 5 waves. Down from wave ((b)), wave (i) ended at 22643 and wave (ii) ended at 23439. Wave (iii) ended at 21454, wave (iv) ended at 22086, and final leg lower wave (v) ended at 21396.16 which also completed wave ((c)) and 4 in higher degree. Bitcoin has since turned higher in wave 5. Up from wave 4, wave ((i)) ended at 21885 and pullback in wave ((ii)) ended at 21582. Expect dips to find support in 3, 7, or 11 swing and Bitcoin to extend higher as far as pivot at 21396.16 low stays intact
Bitcoin (BTCUSD) 2 Hour Elliott Wave Chart
