BTC update
Looking at the 4 hour chart of BTC, it very much looks like we are at the turning point of a ABC-correction.
The start of the Elliot Wave happens right after BTC fell out of the right inverse shoulder formation and started rallying up meeting resistance at the neckline. That's when we see the little drop, (also in trading volume) to from wave 2, which smoothly bounces off the .618 Fibo retracement of wave 1 (black line). Wave 3 is initiated by the breakthrough and wave 4 retraces a little bit more than 38.2% of wave 3, almost even going lower than the wave 1 high. Nevertheless, I am still convinced we are moving in an Elliot Wave with a bigger correction yet to come. Generally I am still bullish on BTC for the time being but before we reach for higher targets I think we still have one retracement left, if everything goes well and we do not fall back into a bear market scenario.
Wave 5 ends very close to the 1.618 Fibo of wave 1 and is followed by a what it looks like for now 5-3-5 Zigzag ABC-correction.
Here on the 2h chart the first 5-step downtrend wave (labelled ABCDE) seems to be completed. We cannot confirm 100% that we are at the turning point to start wave B of the correction, we have to observe what happens the next couple hours but it feels like some support is coming from the black trend line. If we are in fact at the turning point I expect to see BTC going in a 3 sub-wave pattern somewhere between the .5 and .786 Fibo of wave 1 and also reach that target fairly quick, given the fast moving nature of all the previous waves.
Going back to the 4h-chart, I see the end of the ABC-correction somewhere near the blue highlighted box around C). (around 1.618 - golden ratio- of wave 1)
I am not saying the price will end up exactly where I predicted it to be, I am just trying to give you a sense of a very likely pattern BTC will follow the next couple of days.
The start of the Elliot Wave happens right after BTC fell out of the right inverse shoulder formation and started rallying up meeting resistance at the neckline. That's when we see the little drop, (also in trading volume) to from wave 2, which smoothly bounces off the .618 Fibo retracement of wave 1 (black line). Wave 3 is initiated by the breakthrough and wave 4 retraces a little bit more than 38.2% of wave 3, almost even going lower than the wave 1 high. Nevertheless, I am still convinced we are moving in an Elliot Wave with a bigger correction yet to come. Generally I am still bullish on BTC for the time being but before we reach for higher targets I think we still have one retracement left, if everything goes well and we do not fall back into a bear market scenario.
Wave 5 ends very close to the 1.618 Fibo of wave 1 and is followed by a what it looks like for now 5-3-5 Zigzag ABC-correction.
Here on the 2h chart the first 5-step downtrend wave (labelled ABCDE) seems to be completed. We cannot confirm 100% that we are at the turning point to start wave B of the correction, we have to observe what happens the next couple hours but it feels like some support is coming from the black trend line. If we are in fact at the turning point I expect to see BTC going in a 3 sub-wave pattern somewhere between the .5 and .786 Fibo of wave 1 and also reach that target fairly quick, given the fast moving nature of all the previous waves.
Going back to the 4h-chart, I see the end of the ABC-correction somewhere near the blue highlighted box around C). (around 1.618 - golden ratio- of wave 1)
I am not saying the price will end up exactly where I predicted it to be, I am just trying to give you a sense of a very likely pattern BTC will follow the next couple of days.
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