๐ Elliott Wave Theory from a macro perspective shows a rather interesting results.
๐น If we start wave counting from December 2018, then in the summer of 2019 Bitcoin completed 1st wave of the new super cycle.
๐น Following ABC-correction ended in March and now BTC is starting the 3rd wave formation.
๐น Wave 3 consists of a 5-wave smaller cycle, where each wave also has a similar structure.
๐น We could expect 1st wave of a smaller cycle to be completed in $11,500-$12,000 zone. ABC-correction, which will be completed by the end of 2020, is expected after.
๐น The continuation of this wave cycle is likely to lead the price of Bitcoin to $20,000, and then to $30,000 by the end of 2021.
๐คฉ And this will only be the 3rd wave of the 5-wave super cycle...
๐น If we start wave counting from December 2018, then in the summer of 2019 Bitcoin completed 1st wave of the new super cycle.
๐น Following ABC-correction ended in March and now BTC is starting the 3rd wave formation.
๐น Wave 3 consists of a 5-wave smaller cycle, where each wave also has a similar structure.
๐น We could expect 1st wave of a smaller cycle to be completed in $11,500-$12,000 zone. ABC-correction, which will be completed by the end of 2020, is expected after.
๐น The continuation of this wave cycle is likely to lead the price of Bitcoin to $20,000, and then to $30,000 by the end of 2021.
๐คฉ And this will only be the 3rd wave of the 5-wave super cycle...
Comment:
โ ๏ธ This idea is a hypothetical simulation of the price in the future and is not a basis for entering a trade. Personally, I do not trade waves, I only use them as an additional factor.
Comment:
200-week moving average can be considered as an additional factor. Bitcoin has never truly broken through it. I admit that the price can retest it on correction.