Here is another Elliot wave analyze on Bitcoin on daily timeframe
In my opinion we have a contracting diagonal and currently at almost end of wave 4. as you may know most of Elliot wave analyzer suggest trade only on wave 5 because it has higher probability to win and get a huge profit. So I am taking a long position from here. also the invalidation of this position is so close(39940),it means I am taking very less risk. please also attention to Contracting Diagonal rules, which are "wave 4 can not be bigger than wave 2 and wave 5 can not be bigger than wave 3" in all conditions. if any of these rules break , then this is not contracting Diagonal anymore. all this means 51719 is not a target, but price can go up to 51719. same for 39930.
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In my opinion we have a contracting diagonal and currently at almost end of wave 4. as you may know most of Elliot wave analyzer suggest trade only on wave 5 because it has higher probability to win and get a huge profit. So I am taking a long position from here. also the invalidation of this position is so close(39940),it means I am taking very less risk. please also attention to Contracting Diagonal rules, which are "wave 4 can not be bigger than wave 2 and wave 5 can not be bigger than wave 3" in all conditions. if any of these rules break , then this is not contracting Diagonal anymore. all this means 51719 is not a target, but price can go up to 51719. same for 39930.
thanks for your likes.
please follow to notify for new analyses and updates
Analyze update:
As wave 3 is exactly 100% of wave 1 , it could be both contracting and expanding diagonal. but the size of wave 4 showed us it can't be contracting diagonal anymore.
I am holding my long.
Just change the pattern to Expanding diagonal. it means the invalidation level move to 37000 dollars. if this level break, I will close my long position in next correction after level breaking and going for short in next opportunity.