Well it would seem that Btc has developed a new upper trendline in blue . You can see our old upper trendline in white here . And our current lower trendline in red . If this holds it will confirm the lengthening cycle of Bitcoin , that cycle that will possibly reach 100k in 2023 / 2024 as opposed to 2021 . Because many people still think we are only in 4 years cycle and therefore they are expecting bullrun in late 2021 since last one came in late 2017 . But our cycles appear to be lengthening - there is a great You Tube videos about this on Benjamin Cowen You Tube channel so definitely check him out . I believe he is correct .So Our old upper trendline in white would have come to an end around September of 2021 but this new blue upper trendline seems to run well into 2022. If we wick higher to 13k that could even extend the line a bit more into the future . Is Bitcoin Time Traveling ?? Also I've just started using the Fib Circle indicator on Trading View that makes this colorful and pretty chart but it really seems to fit back to 2018
I think there are currently two main Elliot wave developments.
For the bearish count, we’ve just finished the 5th wave at 12k, and may retrace to 9k.
However, I’m leaning toward the bullish count – with larger structure wave III in development.
What do you think of our overview?
shimmeringpath
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@Phi-Deltalytics, I don't know - my gann fan and fib circles seem to lean towards your bearish scenario though long term is obviously bullish
Phi-Deltalytics
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@shimmeringpath, I see. Do you think we'll drop to the red support in your chart?
shimmeringpath
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@Phi-Deltalytics, not in short term but we have a gap below us at 96xx , perhaps that will be a target below us
Phi-Deltalytics
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@shimmeringpath, if that gap's filled, we have a high chance of turning bearish... BTC doesn't usually retrace that much during bull runs...
shimmeringpath
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@Phi-Deltalytics, the .618 fib is near 12400 - perhaps that's where we are going but yes the gap we had near 11800 already filled - feel there should be a turnaround soon
For the bearish count, we’ve just finished the 5th wave at 12k, and may retrace to 9k.
However, I’m leaning toward the bullish count – with larger structure wave III in development.
What do you think of our overview?