Meteorite777
Long

BTC 6k Elliot Wave Theory

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I see a 5 wave Elliot Wave Theory completed at 5k with an A-B-C retracement that took us down to 3k. This is when Dimon and friends called bear and started buying. It looks like we completed the retracement and are now in the middle of another 5 wave bull. Using fibonacci levels extended from our old ATH of 5k to our low on this retracement of 2950, the 1.68 puts us right around 6k for the top of this wave.

For waves 4 and 5 on my chart, I literally copied and pasted wave 4 and 5 from our run to 5k, to get a similar size and feel for the length and duration of the waves, and it also lined us up at around 6k.

Sorry for the short analysis but I would put stop losses around 4750-4900 and start taking profit above 5750-5900.

Happy Trading and Good Luck!
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