The wave count has now been revised to a double zigzag (WXY), as price continues to hold firmly above the key 79.5K support level. This strengthens the view that Wave X has already completed. If this structure remains valid, the market is likely to develop a three-wave move to the upside, with Bitcoin potentially reaching the 87K target.
The wave count has now been revised to a double zigzag (WXY), as price continues to hold firmly above the key 79.5K support level. This strengthens the view that Wave X has already completed. If this structure remains valid, the market is likely to develop a three-wave move to the upside, with Bitcoin potentially reaching the 87K target. {image}
- #2,207
- May 11, 2026 8:41pm May 11, 2026 8:41pm
- Joined Jun 2009 | Status: Trend Trader | 6,629 Posts
{quote} Update... {image}
Thanks for your updated count.
I have uploaded my current working chart (Not EW).
Looking at your count I feel that some count happened at those big candles of the chart and that is probably the (a) for the y move
I am not a good elliotician though. Anything more that standard 12345abc and triangles and I am lost
If you think you can or cannot do it you are correct
The wave count has now been revised to a double zigzag (WXY), as price continues to hold firmly above the key 79.5K support level. This strengthens the view that Wave X has already completed. If this structure remains valid, the market is likely to develop a three-wave move to the upside, with Bitcoin potentially reaching the 87K target. {image}
Bitcoin has broken below the 79.5K level; however, this move does not invalidate the broader bullish market bias. The current price action is still viewed as part of the Wave X structure. Based on this perspective, we continue to anticipate a three-wave upward move, with a revised target near 86.6K.
Taking a broader view through EMA analysis and comparing current price action with early 2026, two key distinctions stand out. Previously, price was unable to reclaim and hold above the EMA100 (#1), signaling underlying weakness. This was followed by a bearish crossover between the EMA20 and EMA50, reinforcing downside momentum. In contrast, the current structure tells a different story. The EMA20 has crossed above the EMA50 (#3), forming a bullish signal, while price continues to hold firmly above the EMA100 (#4). This alignment suggests a stronger...
It appears that Bitcoin has tested the EMA200 resistance level three times. Typically, the more frequently a key resistance level like the EMA200 is tested, the higher the probability that it will eventually break.
Bitcoin has broken below the 79.5K level; however, this move does not invalidate the broader bullish market bias. The current price action is still viewed as part of the Wave X structure. Based on this perspective, we continue to anticipate a three-wave upward move, with a revised target near 86.6K. {image}
The Bitcoin wave structure remains intact, with the ongoing correction holding within the typical 0.618 Fibonacci retracement zone. Our outlook on Bitcoin continues to favor the bullish side. That said, a decisive breakdown below the 75K support level would invalidate this scenario.
The Bitcoin wave structure remains intact, with the ongoing correction holding within the typical 0.618 Fibonacci retracement zone. Our outlook on Bitcoin continues to favor the bullish side. That said, a decisive breakdown below the 75K support level would invalidate this scenario. {image}
Many market participants still believe that Bitcoin is in a bearish phase. However, the latest wave count suggests the repeated formation of three-wave structures, which is typically seen in a leading diagonal, especially during Wave 1 of a bullish trend. Based on the medium-term outlook, the current market structure aligns more closely with a bullish scenario, as illustrated in the chart. Price action may appear erratic, random, and even manipulated, but these are actually common characteristics of Wave 1, where overall market confidence is still low and the true direction is not yet widely accepted.
If the bearish thesis were truly strong, we should have already seen a clear downside breakout accompanied by a strong impulsive move (impulse wave) within a downtrend. So far, this has not materialized. The absence of a convincing bearish impulse raises serious doubts about the validity of the current bearish narrative.
Instead, the market has continued to trend higher since February, despite widespread expectations of a downturn. The market may be creating the illusion of bearish conditions, while the underlying structure still supports a continuation of the bullish trend.
If the bearish thesis were truly strong, we should have already seen a clear downside breakout accompanied by a strong impulsive move (impulse wave) within a downtrend. So far, this has not materialized. The absence of a convincing bearish impulse raises serious doubts about the validity of the current bearish narrative.
Instead, the market has continued to trend higher since February, despite widespread expectations of a downturn. The market may be creating the illusion of bearish conditions, while the underlying structure still supports a continuation of the bullish trend.
