It’s all Fibonacci and Elliott wave principles

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Support: Dotted Turquoise , Resistance: Dotted Purple

Staring (point 0) from bouncing at resistance line, then:
Wave 1 – Fib 0.618 : Dec 12 (touched support line)
Wave 2 Jan 7 (touched resistance line)
Wave 3 Fib 0.382 : Feb 5 (touched support line, , also last 9 months support line in red)
Wave 4 Mar 5 (touched resistance line)
Wave 5 (Guessing) by Mid-April, based on last 4 years history

I think wave 5 won’t make it to Fib 0.236 because it will meet the historical support line (yellow) on its way.


Great analysis mate...
+1 Reply
at least draw your trendlines properly by connecting them to the candles and not just floating in space
payam_prz FOMOSAPIEN1
@FOMOSAPIEN1, And which trend line you are referring to? The ones you can't see the connections are zoomed out and shown in the second chart.
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