In my last report I suggested longs when Bitcoin was trading around 3757, after which it went up to achieve all the suggested targets and made a high near 5870.
The leg up from the 2970 low seems to be a 3 legged move up for Wave B (Red) of an A-B-C Expanded Flat correction.
Which means that if this analysis is correct then we are currently in Wave C down of this Flat correction which can take Bitcoin down to the levels of :
Target 1 : 4671
Target 2 : 3899
Target 3 : 2665
SL : Above 5880
If the Invalidation level of 5880 is hit then this count will be invalidated.
It is also worth noting that Wave B = 138.2*Wave A which gives further confidence to this setup.
The leg up from the 2970 low seems to be a 3 legged move up for Wave B (Red) of an A-B-C Expanded Flat correction.
Which means that if this analysis is correct then we are currently in Wave C down of this Flat correction which can take Bitcoin down to the levels of :
Target 1 : 4671
Target 2 : 3899
Target 3 : 2665
SL : Above 5880
If the Invalidation level of 5880 is hit then this count will be invalidated.
It is also worth noting that Wave B = 138.2*Wave A which gives further confidence to this setup.
Trade closed: stop reached
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Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
