Hi Guys, I have been fairly quiet since the long sad winter of crypto. However, I did accumulate quite a bit of Bitcoin in last December at the Average price of 3450USD.
As everyone, I am also astonished about the turn events of BTC. Yes i feel like i have caught the bottom, but i expected atleast another year of slow accumulation Sub 6k
This post today is to indicate a Scenarion of a New bullish Elliot Wave cycle in Bitcoin.
Now if it is a New cycle we should count as a fresh start by counting 1 Major Wave (Pink) and one Minor Wave ( Blue) The Green Waves are correction Waves withing corrective waves in Pink.
Scenario 1:
Wave 1; Ends at 8,520 USD Rejection
Wave 2 Starts; Flat correction. A to 6,800 USD B to 8,500 USD C to 6,800 USD
Wave 3 Starts; Target : ( 1:1 Ratio of Wave 1 Minimum) 11,840 USD
Wave 4 Starts; Steep Correction 8,520 USD
Wave 5 Starts; Target : (1.618 of Wave 1) 15,600
Scenario 2: Wave 2 is a steep correction instead of Wave 4 Correcting to lower levels (5,800 Usd or worst cast 4,250 Usd), and Wave 4 is a flat correction that correct to higher levels 9900-10kUSD
This is my current forecast at current price action and market sentiment :) This will change with nw price development and news.
Good Luck fellow traders This is the current forecast at current price and sentiment