The green lines are the longterm trendslines of Bitcoin.
We had a perfect downwards Elliott Wave (pink lines) with perfect Fibonacci ratios.
At 6k we bounced extremly, thus there is a massive support at this range.
We have formed a clear big inverted Head and Shoulders and we have broken through the Ichimoku cloud.
Furthermore we broke through the first big resistance channel.
The green rectangle was the target for a normal ABC correction (a range nearby the D point of the pink Elliott Wave) and we broke through it.
All that being said, we have a massive amount of bullish signs.
IF we assume that we are forming an Elliott Wave and messuring the waves, everthing would fit perfectly into to green longterm trendlines.
Currently we are at the 3rd Elltiott wave. If we extend wave 1 to a 1:1 ratio, our target for the 3rd wave should be exactly the bottom of the green longterm trendline.
Wave 1 retraced to the 0.382 Fib Level, thus wave 4 should retrace more to at least the 0.5 Fib Level. Again, this would fit perfectly into the trendlines.
Our target for the 5th wave is the red rectangle with a 1.618 Fib Extension. The price should be nearby 12900$.
IF all that happens, we should be between in the two green longterm trendlines. This range is the average trend for Bitcoin.
PS: DYOR :-)
We had a perfect downwards Elliott Wave (pink lines) with perfect Fibonacci ratios.
At 6k we bounced extremly, thus there is a massive support at this range.
We have formed a clear big inverted Head and Shoulders and we have broken through the Ichimoku cloud.
Furthermore we broke through the first big resistance channel.
The green rectangle was the target for a normal ABC correction (a range nearby the D point of the pink Elliott Wave) and we broke through it.
All that being said, we have a massive amount of bullish signs.
IF we assume that we are forming an Elliott Wave and messuring the waves, everthing would fit perfectly into to green longterm trendlines.
Currently we are at the 3rd Elltiott wave. If we extend wave 1 to a 1:1 ratio, our target for the 3rd wave should be exactly the bottom of the green longterm trendline.
Wave 1 retraced to the 0.382 Fib Level, thus wave 4 should retrace more to at least the 0.5 Fib Level. Again, this would fit perfectly into the trendlines.
Our target for the 5th wave is the red rectangle with a 1.618 Fib Extension. The price should be nearby 12900$.
IF all that happens, we should be between in the two green longterm trendlines. This range is the average trend for Bitcoin.
PS: DYOR :-)
Wave 3 should be finished.
We are overbought at the 30m, 1h and the 2h chart.
I expect a retracement to a target nearby 9400$ now.