Elliott wave Analysis: Triangle Can Point Higher on BTCUSD
Bitcoin is still moving slow and sideways. More and more looks like a EW triangle pattern, which is typical in EW theory for a wave 4. So, be aware of a drop for wave (E) to complete a corrective triangle pattern before a continuation higher for wave 5.
A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination.
Elliott wave triangle pattern:
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