The top of this wave is likely to be $12k and it will likely pull back only to $10.5k.
BTC is in an extended 5th wave of an Elliot wave.
Comparing this wave to the waves from the start of the 2017 bull market (see attached charts) I am expecting the correct extension from the 3 wave to be 1.9x which puts the top of the 5 wave at about $12k.
These bull market impulses are different from usual impulses because normally you would expect shorter 5 waves and deeper ABC corrections.
This means that even with the huge upward spike in prices we might be at cheaper prices than what the ultimate pullback will provide which has me wondering if I should continue with the scale-in plan I had written yesterday. I will sleep on this again and decide how to proceed.
BTC is in an extended 5th wave of an Elliot wave.
Comparing this wave to the waves from the start of the 2017 bull market (see attached charts) I am expecting the correct extension from the 3 wave to be 1.9x which puts the top of the 5 wave at about $12k.
These bull market impulses are different from usual impulses because normally you would expect shorter 5 waves and deeper ABC corrections.
This means that even with the huge upward spike in prices we might be at cheaper prices than what the ultimate pullback will provide which has me wondering if I should continue with the scale-in plan I had written yesterday. I will sleep on this again and decide how to proceed.
Comment:
I've decided to scale in across the next 4 days instead of 7 weeks because this type of impulse is different than the usual ones. I intend to use the 6 month eth cycle to take profit then get back in again.
