Tue, May 30, 2023 @ 10:58 GMT
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Elliott Wave Suggests Bitcoin (BTCUSD) Should Continue Impulsive Rally Higher

Rally from 11.21.2022 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 11.21.2022 low, wave (1) ended at 25250 and pullback in wave (2) ended at 19578. The crypto-currency extends higher again in wave (3) towards 29380 with internal subdivision as another 5 waves in lesser degree. Up from wave (2), wave 1 ended at 26533 and dips in wave 2 ended at 23940. Bitcoin extends higher again in wave 3 towards 28567 and pullback in wave 4 ended at 26688. Final leg wave 5 ended at 29380 which also completed wave (3) in higher degree.

Bitcoin then pullback in wave (4) with internal subdivision as a zigzag structure. Down from wave (3), wave A ended at 27043 and rally in wave B ended at 28217. Final leg wave C ended at 26541 which completed wave (4). Wave (5) higher is currently ongoing with internal subdivision as a 5 waves impulse. Wave 1 of (5) is expected to end soon, then it should pullback in wave 2. Afterwards, it should extend higher again in wave 3, pullback in wave 4, and make final move wave 5 of (5). Near term, while dips stay above wave (4) at 26541, but more importantly above wave (2) at 19578, expect the crypto-currency to extend higher again.

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