BTCUSDT ELLIOTT WAVE ANALYSIS: 23 JAN, 2025 - DOUBLE THREE
©Master of Elliott Wave: Hua (Shane) Cuong, CEWA-M (Master's Designation).
Risk Analysis / Risk Assessment:
- Major Trend: Bullish
- Which Wave Count Scenario Has Higher Probability: Definitely the Main Wave Count Scenario.
- Should I Go Long?: No, Not Now.
- When to Confirm Bullish Trend with High Probability?: On Breakout Above 107,240.
Details:
Since the 89,0256.69 Low, we are witnessing a corrective wave following the completed wave (i)-orange, which I mentioned in my last analysis of BTC, so this is a good opportunity to review the upcoming outlook.
Wave (ii)-orange is completing as a Combination Double Three. Its y-grey wave may need a little more time to complete as a Triangle, then wave (iii)-orange will move higher.
Alternative scenario: Wave (ii)-orange has ended, and wave (iii)-orange has started. (Less likely, lower probability).
Conclusion:
Need a little more time. Or when the price breaks through 107.240, it will immediately trigger the alternative scenario ALT, and wave (iii)-orange can move much higher.
Risk Analysis / Risk Assessment:
- Major Trend: Bullish
- Which Wave Count Scenario Has Higher Probability: Definitely the Main Wave Count Scenario.
- Should I Go Long?: No, Not Now.
- When to Confirm Bullish Trend with High Probability?: On Breakout Above 107,240.
Details:
Since the 89,0256.69 Low, we are witnessing a corrective wave following the completed wave (i)-orange, which I mentioned in my last analysis of BTC, so this is a good opportunity to review the upcoming outlook.
Wave (ii)-orange is completing as a Combination Double Three. Its y-grey wave may need a little more time to complete as a Triangle, then wave (iii)-orange will move higher.
Alternative scenario: Wave (ii)-orange has ended, and wave (iii)-orange has started. (Less likely, lower probability).
Conclusion:
Need a little more time. Or when the price breaks through 107.240, it will immediately trigger the alternative scenario ALT, and wave (iii)-orange can move much higher.
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