Wave 4 (Triangle): The current phase where Bitcoin is forming a triangle pattern, which is usually a consolidation phase before the final wave. Triangles in Elliott Wave theory often indicate that the market is taking time to decide its next major move. This triangle is marked by points (A), (B), (C), (D), and (E) on the chart, (D) and (E) yet to unfold, showing the typical contracting nature of a triangle.
Fibonacci Level of 23.6% retracement is seen at level 95,206$, so we can expect wave (E) of this Elliott Wave Triangle to end about nearly this area of 23.6% retracement.
Given that triangles usually take time to complete, it’s advisable to wait until this pattern finishes. The triangle’s end is typically projected towards the support/resistance levels established by the triangle’s boundaries, with the price currently around $96,075.60 as of the chart’s timestamp.
Note: We will keep monitoring the situation and will publish a new chart if our most probable count changes, ensuring that our analysis remains current with market developments.
