Bitcoin king of the jungle!
Updated
BTCUSDI'm throwing out there my ideas about the next move of bitcoin. So far pretty much everything that happened with BTC price is normal healthy correction of an insane up trend.
I want to mentioned that this is a conservative prediction, I didn't add any hypes around which could deviate the price with +- x%.
I have got two scenarios for Bitcoin:
1. The top chart is has an optimistic view where we finished the ABC correction, started the first impulse wave and now we are having the corrective second wave. We went down pretty much a little below 0.236 Fib which is around 80% market claim (no surprise here), is this the end of second wave? it could be but wait and look at second chart below. If 0.236 is the end of second wave we can soon start the third wave which based on Elliot wave theory we could get around $20000 - $21000, we know that third wave could be extended so we can go even higher. Assuming that we don't, we can expect a forth corrective wave at 0.5 to 0.38 Fib and finish the cycle with the fifth wave at around $25000 - $26000. Everybody should be happy by now. But wait what if we get the pessimistic view playing off.
2. The second chart shows a down trend impulse Elliott wave and here is how it goes. I drew the orange dashed line which is as I said the end of C wave, if we get with the current price pass that point we broke the Elliott rule that says that second wave never goes beyond of the start of wave 1. If it does we can very well entered into a bear market and we have downtrend impulse waves from there. We can have the second wave bouncing at the support of the end of A wave, third wave trying it's best around the price we currently ranging and going down for the forth wave as low as around $7000 I would dare saying. (Those that predicted $8000 have their wish fulfilled at this point). The fifth wave could finish at 0.5 to 0.382 Fib.
Bitcoin has no choice but choose one or another but wait is there a third possibility? Yes there is a flat Elliott waves 3-3-5 but I will not get into this, to much drawing and probably not very likely to happen since I feel this market is to young and inexperienced to be able to support that scenario. I will go even further saying they will rather dump BTC from fear to a lower price points as we saw from past price action. But there is a saying: "Never say never until you get there" ;).
I would be very interested in your opinion. Please share your thoughts and or ideas below in the comments.
Thanks
Note
Pretty much clear, BTC is heading towards 8000k and who know maybe even lower. I would argue that we entered into the bearish market by now. Everything will go down. I will take a back sit and watch the show. You should do the same.Note
Update: the nearest support at $10500 will probably hold for a while and the price will bounce back up to make the 3 wave. Let's see how it goes.
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