I made an attempt at drawing some bitcoin trendlines on the 4hr.
After the last drop, we could have made an ABC correction, and now are in the middle of a 12345 Elliott breakdown.
We should now either be somewhere in the 4th corrective wave going up, or still in the 3rd wave going down. The 3rd wave is typically the most intense in Elliott wave theory, although these principles do not always apply.
If you were to follow our trendline, the next buy target should be somewhere near 5k
After the last drop, we could have made an ABC correction, and now are in the middle of a 12345 Elliott breakdown.
We should now either be somewhere in the 4th corrective wave going up, or still in the 3rd wave going down. The 3rd wave is typically the most intense in Elliott wave theory, although these principles do not always apply.
If you were to follow our trendline, the next buy target should be somewhere near 5k
Trade closed manually:
Never broke through the trendline. Perhaps it will revisit sometime in the future, but I don't see it happening anytime soon. Stay on the bitcoin and altcoin gravy train