Using Elliot waves in this chart with some inverse fibonacci retracement
Comment:
Comment:
Comment:
The top of this bull run is imminent. Most likely before, on or after March 29, 2021 pivot. RSI on monthly since the beginning of the BTC chart shows a CLEAR bearish divergence with a possible fibonacci resistance at 61k.
Technical Analysis (for nerds):
The chart is divided into three namely, monthly, weekly and RSI monthly.
Using Elliot waves, we see that the price from the previous top at 20k down to 3k was an ABCDE triangle which means this is a wave 4 of a bigger wave.
In the weekly chart, you can see how I counted the triangle and where the 5 wave up starts from the 3k bottom to the 60k new ATH. However, with all the bullish DELUSIONAL HYSTERIA, BTC's price hit an inverse fib retracement at 61k which should serve as a solid resistance. And using the same blue green fib retracement, we see both 3k and 6k as target confluences, which makes the 61k fib resistance valid.
The drop will retrace down to 23%-38% and that is between 1k to 3k range.
We got a weekly pivot on March 29, 2021.
A monthly pivot on Nov 1, 2021
And a yearly pivot on Oct 1, 2024.
*pivots are highly accurate when plotted accurately especially with a large amount of historical data