Tommy_Trader

[Long term analysis] Future of Bitcoin? 25k scenario.

Long
Tommy_Trader Updated   
BITFINEX:BTCUSD   Bitcoin
Elliott Wave Theory is like my religion and I have a strong faith in this theory. I have mostly been analyzing for the short-mid term technically. For the first time in Tradingview, I am posting long term analysis using my favorite theory.
I am currently attending graduate school for my degree. I have had a deep interest in blockchain technology for decent amount of time. I have researched and studied about the fundamental and principle of this technology and have even taught about this topic to professors and researchers in numerous seminars. I firmly believe that this strong technology is one of the main technology of industry 4.0 and have enough power and potential to change world innovatively. If I haven’t had faith and conviction in this technology and industry, I wouldn’t even have started trading in this market in the first place.
Based on this strong assurance, I am 100 % positive that cryptocurrency market will reach astronomical number in the future and the whole market cap will grow exponentially. With technical analysis approach, we can see right away that Bitcoin is currently being corrected just a very little amount if observed in a big picture. This chart is weekly log chart. Many analysts are viewing and counting the waves in different perspectives. I have two major counts. First scenario is that we are on sub-sub-wave 2 (blue) of sub-wave 3 (green) of big wave 5 (yellow) and my second scenario is that we are still on wave 4 (yellow).
Currently, Bitcoin is on a massive confluent zone of 0.618~0.65 golden pocket retracement level of big wave 3 (yellow), 0.718 retracement of sub-wave 1 (blue), mid-term uptrend line (white), and 55 weekly EMA and thus is being strongly supported. I bet many swing traders or long time investors have entered long position around this region. I am not sure if we will drop a little bit more, but even if we do there is a high chance that we will bounce at $6900~$7000.
With sub wave structures, I used fib extension to set my long term targets. As more waves get confirmed and validated, the target will be more detailed but for now, I am roughly targeting $21500~27000. For a long term, as long as we don’t break below $6000 which is our previous low, my targets and counts will stand still.
Comment:
Same symmetrical triangle pattern on the same trendline.
Comment:
Here is my current count

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