Intermediate wave (4) of primary wave [3] is in the books and now what has historically been the most aggressive wave, intermediate wave (5) is underway. This wave will be made up of five minor waves: 1,2,3,4,5. I expect minor wave 1 to reach the previous BTC high before it tops out. And, I don't expect it to reach that level too quickly. The accumulation of BTC is still ongoing. But, I do believe the much anticipated BTC $100,000 level will be achieved this calendar year. The 4 hour chart below shows the more immediate price action and the formation of 2 bullish Gartleys as intermediate wave (4) bottomed. The smaller green Gartley signaled the coming of the minute wave [c] of minor wave 4 of intermediate wave (3) bounce. The completion of intermediate wave (4) formed the larger yellow Gartley signaling the more substantial bounce of the initiation of minor wave 1 of (5).

Now looking at the larger time frame, you can see why I have been one of the few technical analysts, if not the only, who has remained bullish on BTC and not calling for a drop to the low 20,000 or below. As I have been noting from the beginning of the pullback, BTC should seek the low of the wave 4 of lower degree. In this case the minor wave 4 low. This is exactly what has transpired! In addition to this key level of support, the lower trend line of the price channel has provided another key support level. Technically, from an Elliott Wave technician perspective, BTC has done everything by the book! IF you have enjoyed the occasional free BTC updates and would like to get the daily updates, then you might consider joining our subscribers who get daily updates and access to the Alphahorn Portfolio which has averaged a remarkable 26.5% annual return since its inception January 1, 2011. The subscription link is http://alphahorn.blogspot.com/