SUMMARY
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Let's start with the longer term perspective. Overnight Bitcoin (BTC) price action has added little change to this chart. The Cup & Handle is still in progress and the handle formation has developed a little further. All else remains the same and as soon as the red E wave is complete, a trend reversal could be expected.
What I've never seen in Bitcoin (BTC) is a sequential rounded price formation. The chart below shows that as potential because the handle of the blue Cup & Handle could be the left wall of the yellow rounded formation. IF there is no explosive breakout and price prefers to go a bit sideways, it'll probably go into the basin phase (blue rectangle) before building the right wall. However, this is NOT the primary count, and is used to take into account the potential for a sideways price action.
The short term shows that there was a bounce, overnight. The yellow ABC are the subwaves of the red B. If yellow A is complete and B is nearly so, the there should be a yellow C wave bounce. That would complete the red B and so C would onset. Let's see how the price action plays out today.
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Elliott Wave Counting Tutorial #1
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