This is my Mid-Term Elliott Wave Analysis on Bitcoin, in which we are currently tracing a 5-wave impulse higher from the lows of around $3,100 USD per Bitcoin. From which we had already trace Minor Waves 1,2,3,4 and we are currently tracing Wave 5 of that impulse wave.
Within Minor Wave 5, it seems we had already trace Minute Wave 1 and 2, and we are about to start wave 3 up.
The price target for this entire impulse move is about $11,400 USD, which corresponds to the 50% Fibonacci Retracement of the entire previous Bear Market. Which should be a couple of weeks ahead before we can reach it.
After that, I would expect several weeks to months of consolidation before the uptrend resumes again.
That doesn’t mean that this is exactly what will happened, but is a scenario, my Elliott Wave Count and scenario of what is coming.
Good Luck to You
Trade closed: stop reached
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Looks like we fall shy of our target of $11,400 USD, and instead top out at around $9,100 USD in Bitcoin. The short term consolidation target should be around $6,100 USD. Well see where it goes.