Bitcoin: study of a potential Elliott Wave Count

Bitcoin is extremely difficult to count since it reached the top of 64K with an ending diagonal. Here's another look at it from my perspective. Right now it seems to have done a triangle from mid june to mid-july and the price is ready to exit, either to the upside or the downside. I believe the odds of the downside are higher, considering there are many reasons for uncertainty to rise in the near term: SEC opinion on crypto on July 28th, Binance saga, more scrutiny from regulators around the world, etc.

تعليق:

Seems like the triangle wants to break on the upside, but the sub-wave e of a triangle is often prone to throw-overs and thus can be treacherous. I would wait to see how it will fare this evening before making that breakout official.

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Price seems to be reversing with Asia being open.. The intraday rally breakout might be just a throw-over as I mentioned earlier. The bearish scenario still holds for now...