Using the 4 hour time time frame it looks like the BTC run that started on 16th December (when it broke a long term 0.618 Fibonacci channel) might have completed a 5 wave sequence around 3rd Jan and then had a very sharp drop before before starting a new wave sequence if this is the case then we may be at the beginning of wave number 3 now and in for another big run up. I only know very basics of Elliot Wave so it would be good if someone else better versed than me could give their opinion?
I've used anchor points for Fib retracement as from previous high (Dec 2017) to previous low (Dec 2018) and then overlaid Fib extension from the beginning of the recent EW structure (16 Dec 2020) to the end of the EW structure (3 Jan 2020) as the peak and the pullback (4th Jan 2020) as the trough. Using these points it's clear that BTC has respected the Fib levels formed both historically coming of the 2017 high and most recent, so if my EW theory is correct and we are in the beginning of another wave 3 then getting to $42,900 with this wave should be possible which is the Fib extension line based of that recent run. If momentum is strong then $46,400 mark would be an extended target or it will be a target for wave 5 which is the long term Fib retracement level (2.618). Strengthening my thoughts we are in for another big run the market has quickly corrected the largish pullback we had this morning and is still painting bullish candles with a strong hammer candle forming on the higher timeframe day chart as I type this.
I'm not a paid financial analyst this is only my opinion, please DYOR before parting with your ca$h!
I've used anchor points for Fib retracement as from previous high (Dec 2017) to previous low (Dec 2018) and then overlaid Fib extension from the beginning of the recent EW structure (16 Dec 2020) to the end of the EW structure (3 Jan 2020) as the peak and the pullback (4th Jan 2020) as the trough. Using these points it's clear that BTC has respected the Fib levels formed both historically coming of the 2017 high and most recent, so if my EW theory is correct and we are in the beginning of another wave 3 then getting to $42,900 with this wave should be possible which is the Fib extension line based of that recent run. If momentum is strong then $46,400 mark would be an extended target or it will be a target for wave 5 which is the long term Fib retracement level (2.618). Strengthening my thoughts we are in for another big run the market has quickly corrected the largish pullback we had this morning and is still painting bullish candles with a strong hammer candle forming on the higher timeframe day chart as I type this.
I'm not a paid financial analyst this is only my opinion, please DYOR before parting with your ca$h!