today I want to discuss several impact targets fort he upcoming selling extension on BTC. This Chart is seen from a purely technical perspective and has nothing to do with fundamental knowledge about the Crypto market and its correlation to economical events such as the excessive money printing by the US, which can have an impact on the Crypto Market Cap.
As you can see, Bitcoin has finished its B wave, which is made our of 3 waves (a, b and c). Wave B made a new high which is considered as an Flat Correction according to the Elliot Wave Theory. I have given multiple warnings in the past that this ISN’T a bullish breakout, which is now starting to crystalize itself as a big bull trap. I expect an acceleration of he sell-off within the next couple of days and weeks.
Therefore, possible targets for an impact are the 0.618, C = A and 1.618 Extension as shown in the Chart. The final target of 10k isn’t just a doomsday scenario as news may have told you. However it’s the deepest target for our correctional Wave C which would end up in a Expendad Flat.
For further informations please see below. I'm excited to discuss this Chart with you!
RL from RT_Trading
Trade closed: target reached
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what a trade. Special thanks to those calling me a delusional.
@RT_Trading_, Very good trade there, well done!!! Still not sure we'll see 10k, but you take what's given to you! I'm sure both took some nice profits!
RT_Trading_
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@DencyFX, Thanks much! To be honest, I'm doubting we are going to see 10k, but sadly it is still technical target that CAN but doesn't have to come.