A lot of you guys are reaching out in regards to bitcoin. Well we have hit our highest probable target for a wave 3 at 35k and we got a nice reaction.the elliot waves are the numbers in white.
Using our fibonacci tool that I grabbed off of the entire length of the wave 3 we see our highest probable target for a wave 4 would bring us back to 28k and 24k. A wave 4 typically trades into a bull flag or triangle pattern before continuing higher but is not a requirement.a breakout trade is recommended here after the pattern forms.
Our wave 5 conservative target is at 45k and our secondary target is at 55k. If we get a 5th wave extension the target is 75k. Bitcoin is no stranger to 5th wave extensions so that must be taken very seriously. The trend is up until we form weekly and/or monthly rsi divergence so bears be carfeul
Altcoins currently in accumulation zones are xlm,etc,eos,xrp,trx,neo, and plenty others
Good luck and happy trading
Rigo
Using our fibonacci tool that I grabbed off of the entire length of the wave 3 we see our highest probable target for a wave 4 would bring us back to 28k and 24k. A wave 4 typically trades into a bull flag or triangle pattern before continuing higher but is not a requirement.a breakout trade is recommended here after the pattern forms.
Our wave 5 conservative target is at 45k and our secondary target is at 55k. If we get a 5th wave extension the target is 75k. Bitcoin is no stranger to 5th wave extensions so that must be taken very seriously. The trend is up until we form weekly and/or monthly rsi divergence so bears be carfeul
Altcoins currently in accumulation zones are xlm,etc,eos,xrp,trx,neo, and plenty others
Good luck and happy trading
Rigo
Note
Checkout my video analysis for a more detailed look at bitcoin
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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.