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.
at least draw your trendlines properly by connecting them to the candles and not just floating in space
payam_prz erikjanssen
@erikjanssen, 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.
Great analysis mate...
+1 Reply
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