Bitcoin is most likely on a new Bullish trend to the 28140!

Elliott Wave Analysis by Fernando Luna

BTC USD The EW technical outlook for BTCUSD looks extremely bullish. The pair has completed a double zigzag at the 6450Dec 17 2019 low and has moved up nicely in what is either a series of 1-2s. 

The weekly ADX is at 18.95 which is low.  For a nice trend we want to see this above the 20 and even above 25 depending on your risk tolerance. 

The weekly Chaikin Money Flow has just crossed over to the bullish side at 0.0207. It looks like momentum is building to the upside now.   

From the Daily chart you can see that move up from the 6450 Dec 17th 2019 low has most likely completed Minor Degree-1 at the 9177 Jan 18th 2020 high.   This supposed Minor-1 Intermediate-C is a bit longer than Minor-1 of Intermediate-(A) as you can see by the Fib comparison indicator.   Now I am using this as a guide for now.  This move up from the 6450 Dec 17th 2020 low could turn out to be s bunch of 1-2s up.  For now, I am going with a complete impulse at the 9177 Jan 18th 2020 high. 

Daily ADX is now tending nicely to the upside at 38.40 with Chaikin at 0.1805!  Bullish as hell.  So much so that it could be now in overbought territory. 

The 4-hour chart shows that momentum has waned and we could be dropping correcting the small impulse of off Minor-2. 

The 4-hour chart shows that momentum has waned and we could be dropping in Minuette-(ii).  The 4 hour ADX has turned bearish but only ticking at the 13 which is way below trending.  Classic wave 2 momentum.  Chaikin has just popped up bullish.  A good sign. 

From the 1 hour you can see five wave complete for Minuette—(i) at the 9425 Jan 28th 2020 high.  From there an expanding flat formed which should be done soon at the 9059 or 8916 Subminuette—c. 

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