Hi Traders,
The 4-hour chart of BTCUSD shows that the reversal from 78.6 Fib ratio and a sharp surge from $3412 to $4274 which broke out the descending trendline can actually be seen as a textbook five-wave impulse in wave (i).
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According to the Elliott Wave theory, a three-wave correction in the opposite direction follows every impulse pattern. And indeed, the rest of the chart reveals an a-b-c zigzag correction in wave (ii) that terminated at a confluence level (50 - 61.8 Fib ratio + swing level + moving averages).
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If this count is correct, there is a complete 5-3 cycle to the north. Fortunately for BTC holders, this means another rally to around $6000 can be expected in wave 3 from now on.
.
What's your thought about Bitcoin? Kindly let me know in the comment.
.
Thanks for reading!
Veejahbee.
The 4-hour chart of BTCUSD shows that the reversal from 78.6 Fib ratio and a sharp surge from $3412 to $4274 which broke out the descending trendline can actually be seen as a textbook five-wave impulse in wave (i).
.
According to the Elliott Wave theory, a three-wave correction in the opposite direction follows every impulse pattern. And indeed, the rest of the chart reveals an a-b-c zigzag correction in wave (ii) that terminated at a confluence level (50 - 61.8 Fib ratio + swing level + moving averages).
.
If this count is correct, there is a complete 5-3 cycle to the north. Fortunately for BTC holders, this means another rally to around $6000 can be expected in wave 3 from now on.
.
What's your thought about Bitcoin? Kindly let me know in the comment.
.
Thanks for reading!
Veejahbee.