Technical analysis by JWagnerFXTrader about Symbol BTC: Buy recommendation (5/12/2023)

Bitcoin set to rally 7-12% from today's low Using Elliott Wave Theory as our guide, the minimum waves are in place to suggest Bitcoin is about to take on a nice rally. The decline from the April 13 high down to today's low fits really nicely as an (a)-(b)-(c) zigzag. Wave (b) of the zigzag was a triangle pattern. Wave (c) was equal in length to wave (a) of the zigzag, a common wave relationship. If this is the pattern at play, then today's low of $25,810 low would hold and a rally up to $27,648 is highly likely. Further rally potential to 29K and even new highs above 31K are possible.