Bitcoin's Last StretchIn this graph right here, I'll show what i believe is the last 5 wave structure before the big kahoona. Now, this isn't so much the big bold prediction of Bitcoin's next crash, but I think we can all agree that it's likely to happen. I'll actually post another prediction on Bitcoin for it's big correction. However, for now, lets look into what is in store before we get a major correction. Bitcoin itself is one hell of a Beast, and predicting it is already tough enough as it is. But I think now we have enough information to predict the next few waves.
Now, Bitcoin is finishing up its wave 2 correction. At first I thought we may have had one more subwave up, while there was one hefty buy wall of $1.3M on Bittrex at $16250. And that ONE (yes ONE) person moved the buy wall to $15500 and then to $15000 and ended up being my saving grace. Talk about market manipulation... But it turns out we just got a strong wave 1, with a somewhat truncated 5th wave in that first wave up. Now with this current correction i am now positive that that was wave 1. And we even have a nice confirmation on the 1hr MACD. The correction lead to a .5 fib retrace and it might double bottom at the $15100 level or a little lower, but i am very positive this is near the end correction. But what the hell do i know. Here on the chart i'm extrapolating a 1 to 1 Fib extension for wave 3 and a 1.618 to 1 fib extension for wave 5. This isn't likely, but we must always look out for extended waves, which could possibly happen.
Now, in the short term I am long. And I am going to give some ranges for our target to hit. If you try to give exact numbers, well.. you're always going to fail.
Target 1: $19,262 - $20,369
Remember that people like to dump at positive numbers, its a very market-psych thing to do. So I'm actually expecting a dump around $20,000. If thats the case then we are likely for a retrace to the .328 area at $18219. It could even go lower IF and only IF wave 3 extends above that range and gives more room for a wave 4 correction to the .618 level with the lowest possible correction of being at $17,131 with just the wick. But I'm expecting this next run to be fairly bullish and not have a large retrace.
Target 2: $21,631 - $23,043
Remember, these targets are only for Bittrex. It may defer on other trading sites have different prices for Bitcoin. Which is terrible for cryptocurrency, but I'm not gonna get into that now. Now this target (at least to me) could be the one that is VERY important to get out of once it reaches it. And my next screenshot could possibly show you why.
