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PhilHumphreys
May 14, 2019 2:09 PM

BTCUSD - Correction time? Short

Bitcoin / DollarBitfinex

Description

Presuming the 4.236 extension is the best we're going to get in this BTC parabolic run (bitfinex prices) and we get a repeat of BTC's historical "first move" pull backs in each bull market (around 40% on average), short term we can look for a pullback to around the 1.618 extension (which has acted as resistance and support previously). If this does indeed play out, this is where I'd plan to re-accumulate bitcoin and go long for the long term for the potentially massive bull run ahead. Good luck everyone.

A close above the 4.236 would invalidate my theory and we could go beyond 11k before seeing a pull back.

Comment

Additional confluence:
Comments
UnknownUnicorn4304403
Nice chart :)
UnknownUnicorn1631237
what about that being the first wave?
PhilHumphreys
@easye12, I'm no Elliot Wave expert but if that is the first wave, wave 2 is down before wave 3 is up.
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