An ABC flat correction differs from a zigzag in that the waveform traces out a 3-3-5 waveform. In general ABC flat corrections retrace less than zigzags.
The more powerful the underlying trend, the shorter the flat correction tends to be.

Simple Flat

Although none of the many companies in the U.S. have filed applications for their own Bitcoin ETF have gained approval as of today, abroad, many such electronically traded funds have begun this week.

Recently we see the likelihood that BTC has already hit its target for our B wave increase. Today we have seen a small recovery in BTC, which currently, as of 4 PM EST, is trading at approximately $49,500, up over 2% for the day.

In this article, I am not attempting to go into the differences between the world’s top two cryptocurrencies or make a case for either being more widely used or better than the other. I am simply going to map out the differences and similarities in recent market action, along with short-term projections, and try to decide which one is better for you as an investor.

Bitcoin futures (BTC) today saw their first decent gains since the fall from all-time highs precisely one week ago. The increase of $2,550 or 5.5% took BTC’s most active contract of March (BTC H21, soon shifting into April BTC J21) up to approximately $48,800.

Bitcoin took a lose yesterday with futures (BTC #F) closing down approximately 3% ($1,630) at $53,900. BTC hit a high yesterday of $57,790, which was just above where we predicted an end to the current impulse wave, so we cannot safely assume we have entered a corrective A, B, C period.

Like we wrote about last week BTC is currently in a wave 5 scenario today with the help of our charts are going to make the case of where this final impulse wave will conclude.

“One way to forecast a fifth wave target with Elliott Wave is from the .618% extension area of the first & third waves combined measured against the high in the fourth wave.

After Elon Musk’s bombshell earlier this week that boosted Bitcoin’s value by around 20% in two days, and it seems that this week just keeps on giving. After being convinced that we had seen a short-term top on Tuesday at the new all-time record high just under $49,000, news today by MasterCard propelled prices just above the $49K marker.

Elon musk gave more than a tweet to boost Bitcoin price with the announcement yesterday that Tesla would invest $1.5 billion into Bitcoin and may soon begin accepting Bitcoin as a payment method. This news from Tesla’s CEO is undoubtedly the most significant headline that the world’s largest cryptocurrency has had for some time.

Having hit an intra-day high of $42,000 on January 8^th, BTC futures have been trading between $30,000 and $39,000, with yesterday’s 1.67% gain bringing prices to the top of that range to close at $38,015. The likelihood that we have seen a price high that will stand for some time must be noted. Currently, we have BTC trading fractionally lower at $37,790.