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Bitcoin (BTCUSD) 4hr tf Elliott wave analysis

Price action for Bitcoin (BTCUSD) from ~6,050 on February 6, 2018 to present date is identified in this analysis as a regular flat Elliott wave structure with wave B (Minor degree) finishing close to the origin of Minor wave A.

Bitcoin 4hr tf analysis

The implication of the above is that Minor wave C should at least retrace 100% of Minor wave A. If this is the case, Minor wave C of Bitcoin (BTCUSD) should target ~12,038. Other acceptable projections of a wave c based on a wave a of a regular flat are 123.6% and 138.2% of wave a.

A 123.6% and 138.2% projection gives a possible higher target areas of ~13,359 and 14,176 for Bitcoin (BTCUSD).

Point of invalidation (POI) for this analysis is a price close below ~7574.20

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