I believe that we are currently in a falling wedge formation - which is typically a trend continuation patter (in this case a bullish one).
This correction was well overdue and from a broader, long-term perspective extremely healthy for this epic bull-run that we are in.
As you can see in the graph we are in the C leg of a classic ABC correction.
In accordance with the Elliott Wave Theory the C leg should be composed of 5 impulse waves.
Obviously right now we are completing the last, 5th wave, with a target of 27k. This price level would converge with the lower line of the falling wedge and also with a test of the Ichimoku cloud - which is btw steel green and not reversing indicating that we are still in a strong uptrend.
There is also a chance of going a bit lower. Due to some panic selling the price could drop to the second buying zone box, with a price target around 23 500 $. There, apart from some price action stuctural support, we will touch the 100 SMA which should act as an important support level.
In my opinion this scenario is less likely but still... a valid possibility worth mentioning.
Anyway, after completing the corrective C leg I expect the price to go parabolic and reach 60k before the end on March.
No, this is not the end of the bull-run. It's just the beginning of it.
No, Bitcoin is not going to 20k.
Be greedy when others are fearful.
GL&HF ;)
This correction was well overdue and from a broader, long-term perspective extremely healthy for this epic bull-run that we are in.
As you can see in the graph we are in the C leg of a classic ABC correction.
In accordance with the Elliott Wave Theory the C leg should be composed of 5 impulse waves.
Obviously right now we are completing the last, 5th wave, with a target of 27k. This price level would converge with the lower line of the falling wedge and also with a test of the Ichimoku cloud - which is btw steel green and not reversing indicating that we are still in a strong uptrend.
There is also a chance of going a bit lower. Due to some panic selling the price could drop to the second buying zone box, with a price target around 23 500 $. There, apart from some price action stuctural support, we will touch the 100 SMA which should act as an important support level.
In my opinion this scenario is less likely but still... a valid possibility worth mentioning.
Anyway, after completing the corrective C leg I expect the price to go parabolic and reach 60k before the end on March.
No, this is not the end of the bull-run. It's just the beginning of it.
No, Bitcoin is not going to 20k.
Be greedy when others are fearful.
GL&HF ;)
