BTC working on wave 4 of Elliott's overall correction from previous all time high of $20K. Wave 4 (contracting triangle) will be completed by a rally to ~$9K sometime within the next 10 days. Following the rally RSI and corresponding volume will likely be 'reset' to higher levels for a bearish and final wave 5 - to be completed sometime in early July. Fibonacci puts final wave 5 at a target of ~$4300. Classical TA puts final low at $3900 and hyperwaves suggest a low of $4.8 to $5K. Since Elliott wave 3 contained an extension, it is unlikely (although not impossible) that wave 5 will have an extension - Elliott targets could be anywhere between $4K-$5K depending on the waveform. For long positions, any buy below $5K will be excellent. Even buys now for the HODLers will pay off very well by the end of the year. Completion of wave 5 downward from the last high of $20K will be the completion of wave 2 (blue) of one degree higher, setting up a perfect wave 3 (blue) with anticipated final fibonacci targets of $60K to $70K - corresponding to aridavidpaul predictions from earlier this year. I am 80% on this description as the primary count. My 20% alternative count is that the final rally of wave 4 to $9K breaks through the $9K ceiling and we move upward from there.
youtube.com/watch?v=9jK-NcRmVcw
Note
Apparently TradingView didn't like my parentheses... here's the text again:BTC working on wave [ 4 ] of Elliott's overall correction from previous all time high of $20K. Wave [ 4 ] (contracting triangle) will be completed by a rally to ~$9K sometime within the next 10 days. Following the rally, RSI and corresponding volume will likely be 'reset' to higher levels for a bearish and final wave [ 5 ] - to be completed sometime in early July. Fibonacci puts final wave [ 5 ] at a target of ~$4300. Classical TA puts final low at $3900 and hyperwaves suggest a low of $4.8 to $5K. Since Elliott wave [ 3 ] contained an extension, it is unlikely (although not impossible) that wave [ 5 ] will have an extension - Elliott targets could be anywhere between $4K-$5K depending on the waveform. For long positions, any buy below $5K will be excellent. Even buys now for the HODLers will pay off very well by the end of the year. Completion of wave [ 5 ] downward from the last high of $20K will be the completion of wave 2 (blue) of one degree higher, setting up a perfect wave 3 (blue) with anticipated final fibonacci targets of $60K to $70K - corresponding to aridavidpaul predictions from earlier this year.
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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.