Elliott waves are an advanced trading strategy mainly identifying resistance levels, including identifying price trends and how we know that a decline is an indicator of a good rise.
Is the Elliott Wave Theory accurate?
This is the first time the Elliott Wave Principle has been “field tested” on real market data and not simply theoretical precepts. ... You notice that 84.9% of the projections have come true when tracking the accuracy of particular Elliott Waves.
Is Elliott Wave useful?
Elliott Wave can predict market moves to the point at times - nothing else can. Waves are related and thus you can use Fibonacci relationships to recognize waves, where they started and where they have greatest chance of ending. It tells you how a move will occur. This is vital.
above answers give you what waves can offer. It is not a perfect tool in normal times. Bitcoin is unpredictable, don't use it at the moment.