This scenario assumes the following about BTC:
I. Bitcoin has been in a speculative bubble ($.0025 to $19,891 in ten years) and the market has crashed
II. The correction isn't over since there have only been two legs down when Elliot Wave Theory requires three bearish impulse waves
This analysis is based on the three drives pattern. I expect the price to fall to the broadening wedge support for a third touch. This is a bullish pattern so the price will rise after its painful descent so no need to despair.
Notice that the Fibonacci ratio (1.72), between the points that fall on the broadening wedge support, is the same. The ratio from $19,891 to $6,000 is approximately equal to the ratio from $6,000 to $1,810.
A major support exists at $1,826 which is arbitrarily close to $1,810. Therefore, I chose $1,826 as my target.
This idea can only be possible if the price breaks the key supports at $6,000 and $3,000.
As with all of my posts, this has been published as an experiment to see how the price behaves. It is not investment advice.
I welcome your comments and constructive criticism.
I. Bitcoin has been in a speculative bubble ($.0025 to $19,891 in ten years) and the market has crashed
II. The correction isn't over since there have only been two legs down when Elliot Wave Theory requires three bearish impulse waves
This analysis is based on the three drives pattern. I expect the price to fall to the broadening wedge support for a third touch. This is a bullish pattern so the price will rise after its painful descent so no need to despair.
Notice that the Fibonacci ratio (1.72), between the points that fall on the broadening wedge support, is the same. The ratio from $19,891 to $6,000 is approximately equal to the ratio from $6,000 to $1,810.
A major support exists at $1,826 which is arbitrarily close to $1,810. Therefore, I chose $1,826 as my target.
This idea can only be possible if the price breaks the key supports at $6,000 and $3,000.
As with all of my posts, this has been published as an experiment to see how the price behaves. It is not investment advice.
I welcome your comments and constructive criticism.
Comment:
BTC buy zone based on Fibonacci levels: $4,384 - $1,819
Comment:
BTC bullish pennant scenario:
Comment:
Questions for your consideration regarding Bitcoin:
