SUMMARY
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Bitcoin (BTC) overnight price has initiated what looks like a D wave breakout (blue) arrow. This chart had been posted yesterday and day before. Just because it's a triangle formation doesn't mean ABCDE full set of waves are required. This is why D wave breakouts occur. IF this is a decisive breakout, then volume should also start increasing (white arrow). Ideally, it would have been best to have price reach the 0.618 Fib level; however the recent low did reach between the 0.5 and 0.618 zones.
From a forward discernment perspective, the below shows a smaller Inverted H&S which should have a target reach of $8,867. The larger IHS targets the $9,876 and that means that BTC will try and reclaim teh $10k once more.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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