In this study, I consider the bear flag formation and the Elliott Wave count of this current consolidation period.
In looking at the Elliott Wave structure of the consolidation, you will note two 3-wave movements connecting a well defined ABCDE triangle formation that looks to be completed. Combined together, these structures reflect another compound Double Three Elliott Wave correction. (Note: correction in this case means a correction against the dominate down trend). One should also note that these extended consolidation periods within a downtrend, are typical of wave 4 moves, which would position BTC in a posture where it is preparing to make one more push to new lows, in what could possibly be an end to the bear market.
What do you think? Is there a good chance that the bear flag is about to break to the downside? Or is this where Bitcoin finds its feet and begins to rally?
In looking at the Elliott Wave structure of the consolidation, you will note two 3-wave movements connecting a well defined ABCDE triangle formation that looks to be completed. Combined together, these structures reflect another compound Double Three Elliott Wave correction. (Note: correction in this case means a correction against the dominate down trend). One should also note that these extended consolidation periods within a downtrend, are typical of wave 4 moves, which would position BTC in a posture where it is preparing to make one more push to new lows, in what could possibly be an end to the bear market.
What do you think? Is there a good chance that the bear flag is about to break to the downside? Or is this where Bitcoin finds its feet and begins to rally?
