SUMMARY
A breakout is very likely and the purple Elliott Waves project an impulse rise for wave 5. This would be a 280% profit potential. Will this happen overnight?No, it'll happen in a five wave impulse. The Hurry Up & Wait syndrome has been in full effect. This is when the impulse moves near vertical and the correction phase slows to a crawl. The horizontal blue lines show the presence of good support and the upper white trend line now also represents strong support.
IF price decides to get closer to the Apex; the destination would remain little changed; only the pathway would differ.
The early recovery of the September correction also looked very corrective in that it seemed very three wavish. Given how hard the sellers tried to beat down Bitcoin; they had depleted all their bullets.
This is significant because it confirmed the depletion of sellers to the extent that basically not a seller could be found.
Legal Disclaimer: This post is for general information only. No information, forward looking statements, or estimations presented herein represent any final determination on investment performance. While the information presented in this post has been researched and is thought to be reasonable and accurate, I cannot and do not guarantee any rate of return or investment timeline based on the information presented herein.
