In my opinion, I think Bitcoin is very close to finishing its wave 4 correction. No one can predict with any real certainty the exact bottom nor does it really matter. That being said, I personally think that Bitcoin will bottom out around $2,817. The bottoming process does not happen over night. A reversal is usually a slow and tedious process. But, there is light at the end of this dark tunnel since the 5th wave is a bullish impulse wave.
In Elliot wave theory, waves 1, 3, and 5 are bullish impulse waves and waves 2 and 4 are corrective waves. It is important to note that the peak of wave 1 cannot be at $290 because wave 4 (labeled wave 2 on the chart) would bleed into wave 1 and that violates the rules in Elliot wave theory.
Therefore, wave 1 was a massive bull run from $.01 to $1,175. Wave 2 corrected to as low as $100 and was a long extended wave which is what we would expect. The price got ****** up during wave 2!
Wave 3 is typically the most violent of the impulse waves. It culminated at a staggering price of $19,891.
Naturally, what followed was a 4th corrective wave. Notice the similarities between wave 2 and wave 4. I personally think that wave 4 will be proportionally equivalent to wave 2 but won't last as long as wave 2.
Who knows what we will see for wave 5 but I am willing to bet on a massive bull run for Bitcoin and alt coins.
Maybe we will see Bitcoin at $86,000 + at the climax of wave 5. You'll definitely want to sell your entire position at the peak of wave 5 because a nasty ABC correction will follow.
In Elliot wave theory, waves 1, 3, and 5 are bullish impulse waves and waves 2 and 4 are corrective waves. It is important to note that the peak of wave 1 cannot be at $290 because wave 4 (labeled wave 2 on the chart) would bleed into wave 1 and that violates the rules in Elliot wave theory.
Therefore, wave 1 was a massive bull run from $.01 to $1,175. Wave 2 corrected to as low as $100 and was a long extended wave which is what we would expect. The price got ****** up during wave 2!
Wave 3 is typically the most violent of the impulse waves. It culminated at a staggering price of $19,891.
Naturally, what followed was a 4th corrective wave. Notice the similarities between wave 2 and wave 4. I personally think that wave 4 will be proportionally equivalent to wave 2 but won't last as long as wave 2.
Who knows what we will see for wave 5 but I am willing to bet on a massive bull run for Bitcoin and alt coins.
Maybe we will see Bitcoin at $86,000 + at the climax of wave 5. You'll definitely want to sell your entire position at the peak of wave 5 because a nasty ABC correction will follow.
Comment:
We don't need even to predict the peak of wave 5. Simply sell your position when the price hits the red resistance line.