Ending Diagonal. Playing on hidden bearish divergence on the daily if BTC is unable to break above 9.9k. Target for wave 5 is 1:1 fib extension of wave 3.
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Taking a close look at the Elliot Wave Oscillator, it's clear that we're in the 5th and possibly final leg of correction. The question is, has the 5th been successfully put in? Lets take a look at a smaller time frame.
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It is tricky right now. I spot a regular bullish divergence and a hidden bearish divergence. Has the 5th been already put in (just after the 3rd)? Or are we still headed down once more?
My conclusion is that until we break upwards from 9.9k (and invalidating the bearish divergence), BTC is still under corrective mode.
My conclusion is that until we break upwards from 9.9k (and invalidating the bearish divergence), BTC is still under corrective mode.