Bitcoin: Comparison with 2013/14
Dark blue bar pattern taken from 2013/14.
Pale blue Fibonacci retracement:
0 = $1000
1 = $7000
0.5 = $4000
This placement captures the 1, 3 and 4 waves of the 2017 bull run at 0.33, 0.66 and 0.33 respectively (pale blue arrows).
Light blue Gann fan placed with origin at $1000 in March 2017, and 1/1 at the high of $9000 found this week.
Purple Gann fan placed with origin at $20,000 and 1/1 at the recent high of $9000.
Orange fib time zone placed with 0 at the December 2017 high and 1 at the November 2018 low. The next time point indicated is December 2019.
Elliot wave count suggests that the current point is the B wave in a long term correction. This is supported by a clear 5 wave impulse set during 2017, a 5 wave corrective set during 2019, and the recent impulse would complete a 3 wave ascent. If this count is correct then we can anticipate a 5 wave decent through the C wave.
The 0.236 Fib level at approximately $2500 is suggested as a potential long entry and short target.
2020 could be the year of the Bitcoin Bull.
Pale blue Fibonacci retracement:
0 = $1000
1 = $7000
0.5 = $4000
This placement captures the 1, 3 and 4 waves of the 2017 bull run at 0.33, 0.66 and 0.33 respectively (pale blue arrows).
Light blue Gann fan placed with origin at $1000 in March 2017, and 1/1 at the high of $9000 found this week.
Purple Gann fan placed with origin at $20,000 and 1/1 at the recent high of $9000.
Orange fib time zone placed with 0 at the December 2017 high and 1 at the November 2018 low. The next time point indicated is December 2019.
Elliot wave count suggests that the current point is the B wave in a long term correction. This is supported by a clear 5 wave impulse set during 2017, a 5 wave corrective set during 2019, and the recent impulse would complete a 3 wave ascent. If this count is correct then we can anticipate a 5 wave decent through the C wave.
The 0.236 Fib level at approximately $2500 is suggested as a potential long entry and short target.
2020 could be the year of the Bitcoin Bull.
Note
Note
Correction: The Fibonacci retracement is reversed, which provides a 0.786 level at $2284. This intersects with the time zone and the lowest Gann line (green arrow). This is the potential short target and long entry.
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