The recent price action has eliminated some macro scenarios which is good for Elliott Wave readability purposes.
Two macro counts emerge now. Those are quite complex:
1) Green minor double ZZ doesn't have the right look with this proposed truncation.
2) Red minor double ZZ looks way better. Its upward X leg includes a double ZZ as well. Bitcoin loves shallow triangle Bs and we could see another one forming until the end of the year. In such case, 2021 would be a pump and dump year.
In both scenarios, bullish or bearish, the buy the dip opportunity will likely come with a triangle or a flat. It might be difficult to breach the big channel support though. Notice that the red count - which is our primary - could be a huge flat correction.
Watch the USD, as always. A strengthening dollar would cause damages to currencies/commodities and Bitcoin.
Two macro counts emerge now. Those are quite complex:
1) Green minor double ZZ doesn't have the right look with this proposed truncation.
2) Red minor double ZZ looks way better. Its upward X leg includes a double ZZ as well. Bitcoin loves shallow triangle Bs and we could see another one forming until the end of the year. In such case, 2021 would be a pump and dump year.
In both scenarios, bullish or bearish, the buy the dip opportunity will likely come with a triangle or a flat. It might be difficult to breach the big channel support though. Notice that the red count - which is our primary - could be a huge flat correction.
Watch the USD, as always. A strengthening dollar would cause damages to currencies/commodities and Bitcoin.