Updated long-term view with a nov 24 to nov 25 run in line with the power law bias
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This chart represents my best-fit elliott wave count for bitcoin out of the lows with a leading diagonal wave 1 into 5 waves with an overshoot B-wave into an extended WXY wave C, where I expected this supply/demand zone to provide some possibly buoyancy to new all-time highs
1.272 extension + Upper Trendline touch + Time fractal confluence
Elliot wave theory considering 4th wave a-b-c complete and blowoff top 5th wave into 4.618 fib extension and overhead trendline touch
This is an update to an old published idea which is the continuation of the elliot wave primary move down in bitcoin dominance, typically coinciding with bullish move in altcoins
I've used a basic understanding that the market cap during the last bull run of 2018 grew approximately 10000 times from the bottom. I used one order of magnitude less for this target (1000 times from the bottom) to reach the upper end of a fibonacci target. We may find a short term peak somewhere in April 2021 after a precipitous spike, followed by the completion...
After a clean 5-wave move up, it appears we are in a C wave now with completion lower, possibly near the $0.23 range
After a clean 5-wave move, C wave is near completion with continuation expected to the upside
Retracement into support zone at 7 - 7.3c, which coincides with 0.618 retracement and completion of a-b-c retracement after breakout from weekly bull flag
Clear consecutive 3-wave moves and appears it wants lower, the triple zig zag corrective count scenario fits well
Two counts are provided which has us forming a 3-wave A-B-C bottom or the first bottom simply being a wave A, with a further correction into wave C after topping out here or soon in a wave B. Both counts are ultimately bullish
Inverse H&S on Nano should take it to $1.80
My prediction of an abc-x-abc correction near complete with btc dominance. alt szn upon us?