Bitcoin price swing from ~$11,508 on March 5, 2018 to ~$7381.50 on March 18, 2018 has been identified in this analysis as a minor wave B position. This implies a movement upwards for minor wave C.
Minor wave B terminating above the starting point of minor wave A indicates a zigzag Elliott wave structure.
Retracement of the current upswing from the March 5 low is expected to terminate between the 50% and 61.8% Fibonacci lines which is where support has been placed i.e. between $8249.10 and $8064.50.
POI (Point of invalidation of this analysis) is a price close below the 78.6% retracement ($7801.70) of the current upswing.
Common projections for the termination point of a wave "c" (based on a wave "a" of a zigzag structure) are
61.8% wave a, 100% wave a, and 161.8% wave a. The price associated with the following projections (i.e. target for minor wave C) are $10,845.48, $11,344.77 and $16,455.48 respectively.
Minor wave B terminating above the starting point of minor wave A indicates a zigzag Elliott wave structure.
Retracement of the current upswing from the March 5 low is expected to terminate between the 50% and 61.8% Fibonacci lines which is where support has been placed i.e. between $8249.10 and $8064.50.
POI (Point of invalidation of this analysis) is a price close below the 78.6% retracement ($7801.70) of the current upswing.
Common projections for the termination point of a wave "c" (based on a wave "a" of a zigzag structure) are
61.8% wave a, 100% wave a, and 161.8% wave a. The price associated with the following projections (i.e. target for minor wave C) are $10,845.48, $11,344.77 and $16,455.48 respectively.
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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.