I think we are getting close to the end of the C wave ending diagonal.
An ending diagonal for a C wave is rare, but I believe the properties coincide with where we currently stand fundamentally in the bitcoin world - uncertainty, and the struggle between old bulls and bears is coiling down into the tip of a wedge....
More often then not, the 5th wave of an ending diagonal (or any triangle) never touches the wedges trend line. It commonly over or undershoots the line, (with an undershoot being more bullish, as bullish sediment picks up, it won't have a chance to get to its trend line target)
Im thinking this will happen not only fundamentally (bulls are very anxious, as you can see by how fast we shoot up, and how slow we correct down, china news coming to an end, etc.) but I also have a measured bottom around the 320 area from fibs. I have measured the corrective waves within in the wedge and got that target as demonstrated here:
Also note, that the measured bars at the bottom are more for reference then a measured move. I have never successfully predicted time.
Please comment, and tell me where you think we are at.
Here is a more detailed chart to see how I got the target of 320.
Kurbelklaus
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First of all thanks for the chart! Could you please explain further how you got the target of 320? I don't get how you found out the upper boundaries for your fibs (937.99, 915.23)
Nathanael
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Thanks, so triangles always have significant fibonacci relationships. All I did was measure the first wave down in the triangle (from 995 - 400) then cloned that fib measurement 3 times. I moved the exact same clone over to the next, smaller wave down in the triangle (from 343 - 710) and its exactly 0.618 of the previous wave down. Did the same for the next (the current smaller wave down we are on) and im guessing it will be 0.382 of the larger wave - which gives us 320. Hard to explain in a comment, but let me know if you understand.
Kurbelklaus
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Aah now i get it! Thank you very much! Really nice of you, taking the time to explain this to a newbie :)
minbari
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Time to change the avatar soon
kakola
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I wish it had gone down instead.
Craig_Claussen
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Thanks for the analysis, Ronald!
ronfkingswanson
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If we reached up to your next (b) point, your projection would be quite similar to mine tradingview.com/v/O4KuYauB/