Hello dear followers,
I wanted to share with you my latest analysis.
BTC has been trading in an ascending wedge for the last eight years, forming the secular trend. Also, as you can appreciate, I have labelled the macro Elliott wave analysis of the five waves. The red arrows represent the peaks and the end of the impulsive waves, and the green arrow represents the bottom, the end of the corrective waves. BTC is now in the secular 5th wave (last impulsive wave) of the secular bull market.
It can also be appreciated that the last leg has failed to touch the top of the ascending wedge yet.
What does all of this mean?
Although most people call the may crush TOP, I am always more restrained from calling that top. As I mentioned earlier, BTC has yet failed to tap the top of the channel. Also, the price has only touched the 0.382 projection of waves 1 and 3. This can sometimes be the top of wave 5. However, it happens rarely as more often the final target is 0.618. The 0.618 would perfectly coincide with the top of the channel completing the 5th wave.
Nevertheless, the time range also is not complete yet. On the chart, I have highlighted that the first bear market has lasted 426 days (corrective wave 2) and the second one 396 days (corrective wave 4)...very similar right?
Although there is a warning sign as the price have recently formed a lower
Hence the bull market (wave 3) lasted 1065 days, but the current wave 5 is currently short with 974 days. If we extend the time tool to reach the 1065 days as the previous market, that would perfectly coincide with the intersection between the top of the channel and the 0.618 targets (165k which is exactly the target of my lower timeframes). Hence I believe we are missing 90 days in this bull market, which would also agree with lower timeframes analysis.
The price is trying to form a coil pattern right now as volatility is shrinking. This, I believe, will be the catalyst to the last explosive wave up. After this last leg, I expect an extended bear market to start, at least two years. However, I have the feeling that the next bear market will be worst than any before as it will come after a secular five waves and possibly break the channel down, starting a secular bear market.
If you liked this analysis, FOLLOW ME, SHARE, AND COMMENT.
I wanted to share with you my latest analysis.
BTC has been trading in an ascending wedge for the last eight years, forming the secular trend. Also, as you can appreciate, I have labelled the macro Elliott wave analysis of the five waves. The red arrows represent the peaks and the end of the impulsive waves, and the green arrow represents the bottom, the end of the corrective waves. BTC is now in the secular 5th wave (last impulsive wave) of the secular bull market.
It can also be appreciated that the last leg has failed to touch the top of the ascending wedge yet.
What does all of this mean?
Although most people call the may crush TOP, I am always more restrained from calling that top. As I mentioned earlier, BTC has yet failed to tap the top of the channel. Also, the price has only touched the 0.382 projection of waves 1 and 3. This can sometimes be the top of wave 5. However, it happens rarely as more often the final target is 0.618. The 0.618 would perfectly coincide with the top of the channel completing the 5th wave.
Nevertheless, the time range also is not complete yet. On the chart, I have highlighted that the first bear market has lasted 426 days (corrective wave 2) and the second one 396 days (corrective wave 4)...very similar right?
Although there is a warning sign as the price have recently formed a lower
Hence the bull market (wave 3) lasted 1065 days, but the current wave 5 is currently short with 974 days. If we extend the time tool to reach the 1065 days as the previous market, that would perfectly coincide with the intersection between the top of the channel and the 0.618 targets (165k which is exactly the target of my lower timeframes). Hence I believe we are missing 90 days in this bull market, which would also agree with lower timeframes analysis.
The price is trying to form a coil pattern right now as volatility is shrinking. This, I believe, will be the catalyst to the last explosive wave up. After this last leg, I expect an extended bear market to start, at least two years. However, I have the feeling that the next bear market will be worst than any before as it will come after a secular five waves and possibly break the channel down, starting a secular bear market.
If you liked this analysis, FOLLOW ME, SHARE, AND COMMENT.
CFcryptoTA
check the youtube channel out
youtube.com/channel/UC1nxHmfbU0pyoX7Bp-ayDuA
Telegram channel for 1 to 1 chat: t.me/TAEW4
check the youtube channel out
youtube.com/channel/UC1nxHmfbU0pyoX7Bp-ayDuA
Telegram channel for 1 to 1 chat: t.me/TAEW4
