SUMMARY
Overnight price action has managed to breach the upper line of the wedge! The key now is for price sustain itself above that level and use it as support. Prior resistance zones that get breached become new supports. However, should price decline back into the wedge; there is a potential for a bearish wick formation. Still, that monster daily volume from the prior bottom bull wick was massive! BTC now has the first round of impulse (blue) and is not on its way to complete the second (white i,ii,iii,iv,v). I've raised the white wave iii to reflect 2.618 of wave 1 length. That should bring it to around $9,250 or so. Should the second round of impulse complete; we should be able to call the bottom.
This alternate count shows a shallow finish for the second round of impulse. If so, then the resulting abc will likely use the upper wedge line as support.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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