MuffyPuffy
Long

Bitcoin aming to 12900$

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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 :-)
Comment:

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.
go to sleep
+1 Reply
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