Bitcoin's cycle continues, 5k to 3k to 10k to 2.5k
Updated
Through observing the bitcoin market for a number of years, a lot of money is made in the parabolic moves up yet also during the aggressive pullbacks. Historically, after a bitcoin a pump there's always been a return to the 200 EMA (normally quite quickly) accounting for ~35-40% drop.
Elliott Wave analysis signals we're coming to the end of wave 3, which should take us to $5,000. Respecting the cycle of ~40% pullbacks, we should see capitulation to $3,000; then the 5th wave should take us $10,000. This is a psychologically very attractive take profit area for investors on a large scale. If Elliott Wave is correct this would complete a larger 3rd wave (1st being to 1.1k back in 2013; 2nd being the pullback to ~$200 ending at the start of 2015), and a large 4th wave correction could provide a bear market over an extended period with price targets around the $2,500 area.
Following the curve upwards, with the 200 EMA providing support - I would find it very surprising to see the BTC rally stopping anytime soon; and long term investors should be happy holding as long as they have strong enough hands to ride the regular shakeouts in the BTC market.
Elliott Wave analysis signals we're coming to the end of wave 3, which should take us to $5,000. Respecting the cycle of ~40% pullbacks, we should see capitulation to $3,000; then the 5th wave should take us $10,000. This is a psychologically very attractive take profit area for investors on a large scale. If Elliott Wave is correct this would complete a larger 3rd wave (1st being to 1.1k back in 2013; 2nd being the pullback to ~$200 ending at the start of 2015), and a large 4th wave correction could provide a bear market over an extended period with price targets around the $2,500 area.
Following the curve upwards, with the 200 EMA providing support - I would find it very surprising to see the BTC rally stopping anytime soon; and long term investors should be happy holding as long as they have strong enough hands to ride the regular shakeouts in the BTC market.
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Wave 3 of wave 3 seems to have completed, now time for the standard 35-40% drop bringing us back down to the 3000s before we resume the uptrend to higher highs!
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Correction target hit!
Perfect 40% measured move to complete an ABC correction. Now time for the fifth wave of the larger wave 3. Either a double top at 5k, or a move to ATH!
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Wave 3 is close to finishing on my count - maybe one last leg up but r/r buying here isn't attractive. Chart above shows ambitious targets, but a retest of 4800-5000 seems reasonable; having said that we could see some serious sell offs after the run we've had this year. Another viable move is creating a large ranging triangle to consolidate before tackling higher highs.
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Exhibit B
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Previously calling tops too soon, but this is looking likely to fall imoNote
nice sell off since last update which was followed by a near complete retrace. Looking at previous pullbacks this is a plausible situation...a more advisable trade is to wait for a breakout confirmation // waiting to buy a dip when it comes
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