BTC/USD - two bulish scenario long term analysis
1. Wave 1 ended at around 10,500
2. Now wave 2 has begun to develop: since we see that the component wave A consists of 5 waves - most likely we should expect a zig-zag ABC correction . The targets for wave A - 9900 - 10000 in time just before halving - many will buy bitcoin in large quantities, open large long positions. After wave C with a target of 7900 -7600, which is breaking unexpectedly and will bring a lot of pain and liquidations.
3. Later wave 3 will begin to develop with targets of 14300 (1.618 Fib) or 18500 (2.618 Fib)
4. After, if a zigzag correction develops in wave 4, it will go down to the levels of 14000 or 11500.
5. Next should expect a wave 3 with targets 26000 or 19500
6. And then we should expect a correctional wave 4 of a higher level. It can be complex - according to the rule, if wave 2 is simple, then wave 4 is complex and vice versa. Therefore, in 2021, we should expect the start of another protracted bear market.
Analysis Methodology Used: Bill Williams Trading Chaos
2. Now wave 2 has begun to develop: since we see that the component wave A consists of 5 waves - most likely we should expect a zig-zag ABC correction . The targets for wave A - 9900 - 10000 in time just before halving - many will buy bitcoin in large quantities, open large long positions. After wave C with a target of 7900 -7600, which is breaking unexpectedly and will bring a lot of pain and liquidations.
3. Later wave 3 will begin to develop with targets of 14300 (1.618 Fib) or 18500 (2.618 Fib)
4. After, if a zigzag correction develops in wave 4, it will go down to the levels of 14000 or 11500.
5. Next should expect a wave 3 with targets 26000 or 19500
6. And then we should expect a correctional wave 4 of a higher level. It can be complex - according to the rule, if wave 2 is simple, then wave 4 is complex and vice versa. Therefore, in 2021, we should expect the start of another protracted bear market.
Analysis Methodology Used: Bill Williams Trading Chaos