Last analysis on the 8th of April identified a clear price point at 7,234.83 to differentiate two Elliott wave counts. A new high above 7,234.83 on the 10th of May has switched the balance of probability towards another bubble forming for Bitcoin, which would still be in its relatively early stages.

The focus of this analysis will be on identifying a correction for an entry to purchase Bitcoin at a good price.

Continue reading BTCUSD: Elliott Wave and Technical Analysis | Charts – May 16, 2019 →