Bitcoin is looking to complete the corrective Elliot Wave. Doing this would force Bitcoin out of it's uptrend channel. Also Bitcoin has stopped increasing exponentially and is now rather increasing in a linear way.
This might be what is gonna cause the next big correction,
The 0,386 Fibonacci retracement taken since the last correction and the Fibonacci extension taken from the corrective wave A-B lead us both to a target of 17k USD.
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If anyone knows how to put pictures in the trade updates, please enlighten me as I am not very familiar with tradingview
Only look like a 4. wave to stop and go up in the 5. wave. Think you re wrong with the 3. wave, it should be the longest wave.
RJDTC
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@hoahuynh, It doesn't have to be the longest wave, as long as it's not the shortest. Wave 5 is shorter than wave 3.
I appreciate the feedback tho. I have thought about it aswell but since BTC looks to be breaking out of the channel I thought of the trend this way.
I think there will be more downside
WorldNumber1
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@robbiegrass, I think 30 min is too narrow, if you look on the 2 or 4 hour you can see the waves better.
RJDTC
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@hoahuynh, We could indeed draw a different channel line in which this could be 3-4 corrective wave.
All depends if Bitcoin is gonna hold its support at the 17500 level, it bounced up from that very nicely. It is looking to retest that support level, all depends what its gonna do at that support level IMO. If it falls through there we could see alot more downside
RJDTC
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@hoahuynh, well, at least this target was reached, let's see where it goes now.