BTC - Bottom in sight
Updated
Based on Elliott and Fibonacci only.
A quick update on bitcoin's price prediction. Last post I mentioned wave 3 would go towards 6300$. This has not happened. Wave 3 was slow and only reached
the 1.236 Fibonacci extension of wave 1.
We are currently in correction wave 4, which could go as high as 8500$. Wave 5 is expected to bring BTC's price down to at least sub 7000$, and could go as low
as 5700$. Wait for reversal signals and the RSI to be oversold. MACD and RSI are showing price divergence, however, this has been the case for the entire correction
period so far. Personall, I do not think we have reached any bottom just yet.
A quick update on bitcoin's price prediction. Last post I mentioned wave 3 would go towards 6300$. This has not happened. Wave 3 was slow and only reached
the 1.236 Fibonacci extension of wave 1.
We are currently in correction wave 4, which could go as high as 8500$. Wave 5 is expected to bring BTC's price down to at least sub 7000$, and could go as low
as 5700$. Wait for reversal signals and the RSI to be oversold. MACD and RSI are showing price divergence, however, this has been the case for the entire correction
period so far. Personall, I do not think we have reached any bottom just yet.
Trade closed manually
We are definitely still bearish but the retracement was much larger than anticipated. The wave-count was off, I was looking at it from too close. Will update this with the next targets.
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