BitcoinLong
Bitcoin: Elliott Wave and Fibonacci Analysis
Bitcoin recently completed a 7.5-month correction from Primary Wave 1 to Primary Wave 2. This lengthy consolidation phase has set the stage for a strong impulsive move in Primary Wave 3.
It is unlikely that we are nearing the end of Wave 3 given the recent correction. Instead, Wave 3 appears to be in its middle stages, with significant upside potential.
Key Fibonacci Targets for Wave 3
Based on the chart structure:
2.414 (~143,438 USD): A likely target for Wave 3 if momentum continues.
2.618 (~154,259 USD): A stronger extension for a typical Wave 3 in a bullish market.
3.618 (~207,304 USD): An extreme case if Wave 3 develops parabolically.
Takeaway
Wave 3 is typically the strongest and most impulsive, and the ongoing price action supports the idea of further upside. The correction in Wave 2 has provided the foundation for this move, and Fibonacci levels offer reliable targets to monitor.
Focus on the wave count and Fibonacci levels for guidance! 🚀
It is unlikely that we are nearing the end of Wave 3 given the recent correction. Instead, Wave 3 appears to be in its middle stages, with significant upside potential.
Key Fibonacci Targets for Wave 3
Based on the chart structure:
2.414 (~143,438 USD): A likely target for Wave 3 if momentum continues.
2.618 (~154,259 USD): A stronger extension for a typical Wave 3 in a bullish market.
3.618 (~207,304 USD): An extreme case if Wave 3 develops parabolically.
Takeaway
Wave 3 is typically the strongest and most impulsive, and the ongoing price action supports the idea of further upside. The correction in Wave 2 has provided the foundation for this move, and Fibonacci levels offer reliable targets to monitor.
Focus on the wave count and Fibonacci levels for guidance! 🚀
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.