MuffyPuffy
Short

The next big targets for Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After the drop below the big red symmetrical triangle we are in a clear downtrend now!
This article tries to show the next big targets for Bitcoin .
For a bigger overview you should read my last TA first: https://www.tradingview.com/chart/BTCUSD...


1: Elliott Wave to 6000$


2: Retracement of a parabolic uptrend
There is a rule of thumb for the retracement of a parabolic uptrend. We should retrace to approx. the 0.786 Fibonacci Retracement +/- 10%!
Depending where we start the count of the parabolic uptrend, we have different targets:

6500$:


5500$:
If we see the parallel channel as the longterm trend and if we assume the breakout as the start of the parabolic uptrend, than 5500$ is our retracement target.


5000$:
If we change the chart from a "Log-Chart" to a normal one, than we have different targets too. This assumption is not really accurate and we will have a range between 4700$-5000$.


3: ABC correction to 3000$
After a big uptrend we normally have an ABC correction. A 1 to 1.168 extention would give us a target nearby 3000$, which is also a big longterm horizontal support. Furthermore it would be in a range nearby the longterm parallel channel .


4: The bloody support of Bitcoin:
A lot of people are claiming now, that the price of bitcoin will converge to its mining cost.
The average cost of mining one bitcoin are at USA/Russia approx. 4700$ and at 3100$ for china!


4: DYOR
Comment: Comparing the shorts vs longs, than we will see that we have a big global bearish sentiment currently.

Comment: Currently we are forming a falling wegde.
This is a likely outcome with my above-mentioned targets:

Hello Guys, what do you think about my new chart?

Reply
Muffy I will try read through your TA when i have a spare 10-12 hours
Reply
this looks grim I hope you're wrong
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