I think that BTC is just nearing the completion/has completed wave-4 and will begin is jet-fueled ascent for Wave-5 soon. Wave-3 concluded on the 1.618 fib relative to Wave-1, and both waves-2 and 4 are extremely bullish, correcting upwards. Taking 1.618 from the base of wave-1 to the top of wave-3 and placing it on top of wave-3 or on top of wave-4, we get a range of 30-32k for a final target. I expect this to conclude no later than June 19th, but have included 3 time targets (equal to wave-1/wave-3 time, 1.618 of wave-1/wave-3 time and 2.618 of wave-1/wave-3 time. Afterwards, I would expect a massive correction, so don't get caught longing the top of this as it will liquidate even traders who use the most conservative leverages.
Often Wave-4 concludes on a parallel trendline to the trendline drawn from the top of wave-1 to the end of wave-2, projected to the top of wave-3. As seen here, we have touched that trendline and could begin our climb at any moment (or already have).
Often Wave-4 concludes on a parallel trendline to the trendline drawn from the top of wave-1 to the end of wave-2, projected to the top of wave-3. As seen here, we have touched that trendline and could begin our climb at any moment (or already have).
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Oh, and use the farthest left scale, not the right scale.
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Thought of one more thing, it is likely Wave-4 hasn't concluded if this count is right. The trendlines cannot be parallel for an extended wave-5 and I expect something like a return to 6800 before wave-5 begins. Same price target, will update time targets if this plays out.
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I've had a few more thoughts about this. Looking closer at wave-2, I think that wave-4 might actually have another bit of upside to it before we head to 6800-7k levels. This would bring us to 10k with a strong rejection. I would just pay close attention over the next day or so, as this move either way should be happening very soon. Same target as before for Wave-5.
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I take this idea back, I have been duped. I believe 10k will be the top, and we will make lower lows than were seen right before this bull run. Sorry guys, crypto winter is NOT over yet. Mass adoption is not a thing, it still isn't easy enough to buy BTC for everyday folk and also not enough vendors take it as payment.
This is not the pump you are looking for.
This is not the pump you are looking for.
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For any extra bit of clarity, one thing I noticed is that on the 2W, the bollinger bands did not tighten before this run began. the previous 2 runs this was the case and is typical of bollinger bands as an indicator. Yes we have broken the top bollinger band, but we will not close the 2 week above it, and we will reject very hard.