I recently posted two different views on Bitcoin and I said that we might be in for extended 3rd wave in the 1st wave of larger 3rd wave. (Elliot is not that complex if you learn the rules and ratios)
Even tho I believed that this is less likely to be the case, market proved me wrong. By the end of this week I measured the end for this 3rd extended wave and i think we pulled back into 4th wave correction.
So from now on I project the last 5th wave and as we know by the rules; IF 3rd wave is greater than 1.62 x 1st wave then the 5th wave is equal to 1st wave, 1.62 x 1 wave or 2.62 x 1 wave.
On my chart You can see two red resistance level. That is where I expect this near term pull run to terminate and pullback to start. Green levels are most likely support levels IF resistance is reached.
NB! This is my current view and if the Market provides me new data I will update and adjust as we go. I am not financial advisor by any means.
Even tho I believed that this is less likely to be the case, market proved me wrong. By the end of this week I measured the end for this 3rd extended wave and i think we pulled back into 4th wave correction.
So from now on I project the last 5th wave and as we know by the rules; IF 3rd wave is greater than 1.62 x 1st wave then the 5th wave is equal to 1st wave, 1.62 x 1 wave or 2.62 x 1 wave.
On my chart You can see two red resistance level. That is where I expect this near term pull run to terminate and pullback to start. Green levels are most likely support levels IF resistance is reached.
NB! This is my current view and if the Market provides me new data I will update and adjust as we go. I am not financial advisor by any means.
More data:
Bitcoin is holding trend line and I will not sell until this is broken. Also 21 Daily Moving average shows as average price but as we go into 5th wave and these tend to overextended for commodities and crypto, we diverge from it and market gets unbalanced. Huge gains will be made for those who understands what follows- time consuming pullback.
I have two targets according to Elliot wave rules:
IF 3rd wave is less than 1.62 THEN 5th wave overextends itself and is measured between the bottom of the 1st wave and top of the 3rd wave.
Extensions are 62%/= 12.5k and 1.62% = 17.5k
I am expecting BTC to reach second target around 17K and then we will see longer pullback into 2nd wave and price to return to that trend line.