Bitcoin Short: End of 5-wave structure
This is a bias idea. I purposely look for a potential way that Bitcoin could have ended and could never reach $100,000. Wave Structure wise, this analysis conforms to all the rules of Elliott Wave so even though it is bias, it is valid structurally.
There are 2 things that is not ideal in this wave count:
1. Primary wave 3 (black number) has a truncated 5th sub-wave.
2. Primary wave 5's sub-wave 3 (green wave) has a sub-wave 5 that is extended instead of sub-wave 3.
Take note that while these are irregular occurrences, they are valid and allowed in Elliott Waves.
Perhaps the most important thing in this analysis is that wave 5's subwave 5 = subwave 1 (see blue Fibonacci Extension).
There are 2 things that is not ideal in this wave count:
1. Primary wave 3 (black number) has a truncated 5th sub-wave.
2. Primary wave 5's sub-wave 3 (green wave) has a sub-wave 5 that is extended instead of sub-wave 3.
Take note that while these are irregular occurrences, they are valid and allowed in Elliott Waves.
Perhaps the most important thing in this analysis is that wave 5's subwave 5 = subwave 1 (see blue Fibonacci Extension).
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