Bitcoin price prediction using Elliot Wave and Fib Retracement.
I believe we are now in the 5th wave of the Elliot Wave count, and it should also be the longest and fastest impulse wave. A good sign for this is that the 4th downward impulse wave did not go lower then the first impulse wave. Using Fib retracement we can map out a top near the 2.618 fib at $8000 and a blow off top near the 3.168 fib at $10000.
The first move that makes this possible is bitcoin recently breaking the downtrend line, and it should be come clear in the coming days if this uptrend continues.
This chart will be invalidated if bitcoin breaks down the previous low at $3000.
Note: This is simply a Technical Analysis that I'll use to map out price targets if the bitcoin price movement does manifest itself like this and should not be used as trading advice.
I believe we are now in the 5th wave of the Elliot Wave count, and it should also be the longest and fastest impulse wave. A good sign for this is that the 4th downward impulse wave did not go lower then the first impulse wave. Using Fib retracement we can map out a top near the 2.618 fib at $8000 and a blow off top near the 3.168 fib at $10000.
The first move that makes this possible is bitcoin recently breaking the downtrend line, and it should be come clear in the coming days if this uptrend continues.
This chart will be invalidated if bitcoin breaks down the previous low at $3000.
Note: This is simply a Technical Analysis that I'll use to map out price targets if the bitcoin price movement does manifest itself like this and should not be used as trading advice.
Comment:
Almost there! :D
Comment:
Taking profits soon.