Measuring the average uptrend angle since correction on 23 February is around 57 degrees. Adjusting for the 72 hour timeframe and current uptrend angle we arrive at 47 degrees uptrend. Factoring in the range of growth on each swing, we arrive at 3 possible price targets on this current movement.
If BTC continues up along this current channel, we will retest resistance around 51k between 1700-1900 Eastern Time (NA) today. If it fails to break out, possible drop to retracement support zones around 49k or 46k and prolonged correction period.
As noted in other TA, the previous corrections in this current bull cycle averaged around 10 days longer than what the late February correction reported, though at a notably slower downtrend. Long term sentiments remain bullish but short term may see additional correction over the next week due to how quickly we appeared to recover.
If we break through resistance at 51k, continuing this current channel would put us on a path to retest 60k by the second week of March.
This is assuming that over the coming week we do not see any significant new news regarding the US stimulus, bond yields, or miners selling off significantly more than they have been. It is worth noting that overall minors outflow to exchanges is continuing to increase, but this is also the byproduct of industry money flowing into crypto willing to buy up more BITCOIN at these prices, which builds stronger support for BITCOIN long term, even if short term it leads to bearish turns.
That's the funny thing about Elliot Wave, too many differing opinions from people. My analysis is completely different from yours, follow me and within 24h I plan on making a full on analysis. In short though I think we're still in a correction. Can't expect the correction to be over in a week for a movement that took months to get here. One dead giveaway is look at the Trending waves you have plotted here. If you look at the candle on the chart (yours don't show it like it does on mine on tradingview), the shape of it looks very strange and unnatural. It's far too curved on the first one, and far too candy cane-ish on the second.
What I think we have starting February 15th, an ending diagonal, at 17:50pm on Feb 20th, we have a clear leading diagonal which is our A wave, hence the very steep decline, Wave B is a flat (put it on 5 minute candles and invert your head and you'll see it clear as day, the spikes are far too textbook flat. Wave C is a leading diagonal, which you can see by the fractalization, and the pattern it's been forming for the last few hours.
Also, we are by no means in an uptrend. Take a look at the weekly and monthly time frame, the month time frame will be an indicator that we are in for more decline next month, and the weekly time frame is missing a down candle still or it's too skinny and doesn't fill out the trendlines. Let me know what you think!
Oh PS, about the trendline waves, when you're examining the flat, you can see that the reason for the strange curvature is because it's just a side of the mountain and a fake uptrend, meanwhile it's still in downtrend. The stock market is fascinating with it's intricacy!
1BigPapi
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IMPORTANT NOTE-- when I publish these charts with angle trends, TRADINGVIEW modifies my zoom level which skews how the angle trends look on the chart. My working chart has them correctly aligned and I leave them up to give you an idea of how I came to my conclusions.
What I think we have starting February 15th, an ending diagonal, at 17:50pm on Feb 20th, we have a clear leading diagonal which is our A wave, hence the very steep decline, Wave B is a flat (put it on 5 minute candles and invert your head and you'll see it clear as day, the spikes are far too textbook flat. Wave C is a leading diagonal, which you can see by the fractalization, and the pattern it's been forming for the last few hours.
Also, we are by no means in an uptrend. Take a look at the weekly and monthly time frame, the month time frame will be an indicator that we are in for more decline next month, and the weekly time frame is missing a down candle still or it's too skinny and doesn't fill out the trendlines. Let me know what you think!
Oh PS, about the trendline waves, when you're examining the flat, you can see that the reason for the strange curvature is because it's just a side of the mountain and a fake uptrend, meanwhile it's still in downtrend. The stock market is fascinating with it's intricacy!