has essentially not gone anywhere since late February. So what is going on?
Using the Elliott Wave Principle (EWP) combined with technical analysis, we can see that BTC has likely been in an irregular flat correction since hitting its late February top.
Flat corrections consist of three larger waves: one wave down (a), followed by one wave one up (b), and a subsequent wave down (c). They are called “flat” because the instrument is essentially mainly moving sideways.
It is a typical side-ways consolidation pattern after a long runup, which shows buyers are still in control, but some profit-taking is taking place before the next runup kicks in.
In addition, waves a, b, and c, of a flat are made up of smaller waves as well: wave-a consists of three waves, wave-b as well, but wave-c consists of 5 waves. Thus, in more detail, after the runup peaks, often a strong 3rd of a 3rd wave, the instrument will see a 3-3-5...read more...