Bitcoin 1-Hour Elliott Wave Analysis

Hello traders,

In this Elliott Wave analysis, we will have a look at Bitcoin In the 1-hour time. Bitcoin ended the cycle from 05/05/18 peak at 06/24/18 low and it is currently correcting the cycle from 05/05/18 peak in 3-7 or 11 swings before it can turn lower again.

The cryptocurrency ended the cycle from 05/05/18 peak in blue wave (A) at the low of 06/24/18 (5757.72). The internals from blue wave (A) unfolded in 5 waves.

Up from 06/24/18 low, it ended red wave W at the peak of 06/30/18 (6514.75) and red wave X correction at the low of 07/01/18 (6262.50). As long as the pivot at 5775.46 low in our distribution system stays intact we are expecting Bitcoin to continue its correction higher to the cycle from 05/05/18 peak before turning lower again.