Short Term Elliott Wave View in Bitcoin (BTCUSD) suggests that cycle from 2.1.2024 low is in progress as an impulse. Up from 2.1.2024 low, wave ((i)) ended at 52998 and dips in wave ((ii)) ended at 50639.8. The cryptocurrency extended higher in wave ((iii)) towards 64105.7. Internal subdivision of wave ((iii)) unfolded as a 5 waves impulse in lesser degree. Up from wave ((ii)), wave (i) ended at 51958.1 and pullback in wave (ii) ended at 50909.5. The cryptocurrency extended higher in wave (iii) towards 57456.9 and pullback in wave (iv) ended at 56267.9.
Bitcoin (BTC/USD) 60 minutes Elliott Wave chart
Final leg wave (v) ended at 64105.7 which completed wave ((iii)). Pullback in wave ((iv)) ended at 58498.9. Bitcoin then extends higher again in wave ((v)). Up from wave ((iv)), wave (i) ended at 63676.4 and dips in wave (ii) ended at 60357.6. The crypto extended again in wave i towards 63260.7 and pullback in wave ii ended at 61437.3. Expect wave iii to end soon and the crypto to pullback in wave iv before turning higher again. Near term, as far as pivot at 58498.9 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
