BitcoinLong
Wave five targets (based on log scale)
One of the most reliable ways to arrive at target levels for the end of wave five is to use the trend based fib extension tool using 38.2% and 61.8% levels. these levels often act as "resistance" and possible topping areas
(using the tool, select 3 points at wave 0, wave III and wave IV)
Target 1 (38.2%) = 123978
Target 2 (61.8%) = 1059056
The problem with target 2 is wave III cannot be the shortest wave. So wave V cannot exceed 496811 (maximum price for bitcoin during this cycle)
Also, anywhere on the red zone is a possible topping area as markets approach the upper channel line
My previous post using traditional TA techniques comes close to target 1, but I feel this is more accurate.
(using the tool, select 3 points at wave 0, wave III and wave IV)
Target 1 (38.2%) = 123978
Target 2 (61.8%) = 1059056
The problem with target 2 is wave III cannot be the shortest wave. So wave V cannot exceed 496811 (maximum price for bitcoin during this cycle)
Also, anywhere on the red zone is a possible topping area as markets approach the upper channel line
My previous post using traditional TA techniques comes close to target 1, but I feel this is more accurate.
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