Bitcoin (BTC/USD) is currently correcting the cycle from 3.13.2020 low. The instrument has just ended cycle from 6.1.2020 high (10429) as a double three structure. Down from 6.1.2020 high, wave W ended at 9135 low. The bounce in wave X ended at 10011 high. From there, the instrument extended lower and ended wave Y at 8901.38 low. Bitcoin is now bouncing higher in wave (X) as a zig-zag Elliott Wave structure to correct that cycle in 3, 7 or 11 swings. While bounces fail below 10429 high, Bitcoin can still extend lower later to resume correction against the cycle from 3.13.2020 low in 7 or 11 swings.
Wave A of (X) has already ended at 9596 high. Internal subdivision of wave A unfolded as aa 5 waves impulse Elliott Wave structure. Wave ((i)) ended at 9150 and wave ((ii)) ended at 9034. From there, wave ((iii)) ended at 9505 and wave ((iv)) pullback ended at 9374. The push higher in wave ((v)) ended at 9596. This 5 waves up ends wave A in higher degree. Currently, wave B pullback in 7 or 11 swings is in progress to correct that rally from 6.15.2020 low before Bitcoin turns higher again. As far as pivot at 8901 low stays intact, expect the dips in 3, 7, or 11 swing to find support for another leg higher at least.
Bitcoin 1 Hour Elliott Wave Chart
