Looking at the Weekly charts, you can see a textbook Elliot Wave beginning to form.
Wave 1 was the bull market before COVID.
Wave 2 was the COVID crash.
Wave 3 was the bull market that took us towards 65k.
Wave 4 is what we're experiencing now.
My guess (and hope) is that somewhere between $20-30k will be the bottom of our 4th wave. With the impending Death Cross coming in about a week, I find it hard to believe that we won't see a dip to at least $28k.
The 5th wave is very hard to predict, but I'm hoping to see a push towards $100-150k before Summer of 2022.
Be safe.
Wave 1 was the bull market before COVID.
Wave 2 was the COVID crash.
Wave 3 was the bull market that took us towards 65k.
Wave 4 is what we're experiencing now.
My guess (and hope) is that somewhere between $20-30k will be the bottom of our 4th wave. With the impending Death Cross coming in about a week, I find it hard to believe that we won't see a dip to at least $28k.
The 5th wave is very hard to predict, but I'm hoping to see a push towards $100-150k before Summer of 2022.
Be safe.
Comment:
I realize that a made small mistake with my drawing. Wave 2 should never retrace deeper that the beginning of the first wave. While it doesn't retrace deeper, I probably should have extended the beginning of the first wave a bit further down closer towards $3k
Comment:
I'm expecting Wave 4 to finish around the 0.618 Fibonnacci level.
s3.tradingview.com/s...shots/n/nuarfjHf.png
s3.tradingview.com/s...shots/n/nuarfjHf.png