BTCUSD Corrective Wave
I don't know much about Elliot Wave theory, but all I know is that it consists of 5 waves for the dominant trend, followed by 3 corrective waves. I placed waves 1, 3, and 5 on the FUD spikes earlier on this year, followed by a sharp corrective wave caused by the positive SEC meeting on crypto currency. Since then, sentiments seem bullish and the Daily MACD crossover seems to confirm it.
I also checked the BTCUSD longs vs the shorts, and it seems like a good bullish 3:1 ratio. I don't know much about the measurements of the corrective wave, but I'm sticking with a simple inverted head and shoulders pattern as a guide for it. Hopefully, the pattern will push through.
Disclaimer: I am not an expert on Elliot Wave Theory, but if someone with experience could comment on it, I would really appreciate it.
I also checked the BTCUSD longs vs the shorts, and it seems like a good bullish 3:1 ratio. I don't know much about the measurements of the corrective wave, but I'm sticking with a simple inverted head and shoulders pattern as a guide for it. Hopefully, the pattern will push through.
Disclaimer: I am not an expert on Elliot Wave Theory, but if someone with experience could comment on it, I would really appreciate it.
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