I think the new impulse wave is starting and this is going to go to 71-72K for the following reasons, we are looking at a 3 HR BTCUSD analysis and the channel is formed from December 2020:
1) The major five-wave Elliott wave coming from MID December from 19K ended MID of March at 61K
2) The correction Elliott wave (A-B-C) ended on Mar 25th at 50K.
3) The new impulse wave started on March 25th at 50.5K and reached 61K, which is the first leg Wave 1 of the impulse wave
4) The next step Wave 2 corrected at FIB 50% at 55.6K hitting the bottom of the channel
5) Now Wave 3 started on Apr 7th from 55.7K and as per Elliott wave theory, one of the impulse waves is extended and most prob the Wave 3 and if that's the case Wave 3 should have FIB 150% or FIB 161% extension which can go to 71-72K before it goes to a longer complex correction Wave 4
6) I believe it might take almost a week prob Apr 20th for Wave 3 to hit 71-72K level if it reaches FIB 150-161%
Appreciate everyone's feedback, happy trading
1) The major five-wave Elliott wave coming from MID December from 19K ended MID of March at 61K
2) The correction Elliott wave (A-B-C) ended on Mar 25th at 50K.
3) The new impulse wave started on March 25th at 50.5K and reached 61K, which is the first leg Wave 1 of the impulse wave
4) The next step Wave 2 corrected at FIB 50% at 55.6K hitting the bottom of the channel
5) Now Wave 3 started on Apr 7th from 55.7K and as per Elliott wave theory, one of the impulse waves is extended and most prob the Wave 3 and if that's the case Wave 3 should have FIB 150% or FIB 161% extension which can go to 71-72K before it goes to a longer complex correction Wave 4
6) I believe it might take almost a week prob Apr 20th for Wave 3 to hit 71-72K level if it reaches FIB 150-161%
Appreciate everyone's feedback, happy trading