redmonkeysrulez89
Long

A Long Term Elliot Wave Perspective On Bitcoin (22-31k)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Wave 4

Wave 3


Explanation of extensions/target/invalidation level:
-Wave 5 (blue) of wave 1 (red) 1:1 extension is a measurement of 0-3 added to 4
-All wave 3 extensions are from 0-1 added to 2
-Wave 5 (blue) of wave 3 (red) is a 0.618 extension of 2-3 added to 4
-Target ranges from 0.618 extensions of wave 2-3 added to the current low of wave 4 (red) which is a lowball target. The top of the range is a full 1:1 extension of wave 0-3 (red) added to the same low point.
-Stop loss/invalidation level is the level below A in the ABCDE pattern. This can be moved to be below C if you want a tighter stop loss.

Instead of what I had been expecting from my previous analysis which would've been a very deep, further correction for Bitcoin             there has been consistent support and consolidation for weeks now. I decided to take another perspective on the wave count in a longer time frame. I do not consider this drawing invalidated in any sense until price action moves below the A. (pictured above). I will keep this idea updated with new invalidations as well as a time estimate for when we could see it start to hit my target zone (possible once ABCDE is completed)
Comment:
Updated, wave 4 is looking like a complex WXYXZ correction. No bullish divergence on the ABC corrections
Comment:
End is near
Comment:
veryyy nice entry point
so where do you think we might see the bottom?
it's a beautiful WXY indeed, thankyou
Reply
any updates bud? Where we are at etc?
The chart is much appreciated :)
Reply
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