SUMMARY
We know that price has to breach the upper white trend line in order for the bottom to have a chance to be called. The blue Elliott Waves show the probable pathway, should price exceed and stay above the upper line.
The closeup of price action shows waves 1,2,3 are complete at micro degree of trend and wave 4 is likely in progress. Once five waves are complete, there can be expected a requisite abc correction. Price is likely to bounce around the underside of the upper trend line.
Note how the initial white waves become subwaves to a higher degree brown wave i and the abc become subwaves to wave ii. This means if any wave can take Bitcoin above the upper trend line resistance, it'll likely have to be a wave 3 of 3 because it possesses the personality and vigor to do exactly that.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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